SEPTEMBER 15////GOLD DOWN $11.90 TO $1793.60//SILVER DOWN 9 CENTS TO $23.79//GOLD TONNAGE STANDING AT THE COMEX RISES TO 5.306 TONNES//SILVER OZ STANDING: 27,945,000//COVID COMMENTARIES//VACCINE UPDATES//IVERMECTIN UPDATES: HUGE STORY ON IVERMECTIN WITH RESPECT TO UDDER PRADESH, THE LARGEST PROVINCE IN INDIA: THEY ARE CLEAR OF COVID AFTER USING IVERMECTIN//CHINA REACHES ITS LEHMAN MOMENT AS EVERGRANDE DEFAULTS//POOR ECONOMIC NUMBERS FROM CHINA TODAY//CHINA NOW GOES AFTER THE MACAU CASINO//MORE SWAMP STORIES FOR YOU TONIGHT// FINALIZED/

GOLD:$1793.60 DOWN $11.90   The quote is London spot price

Silver:$23.79 DOWN 9  CENTS  London spot price ( cash market)

 
 
 
 

Closing access prices:  London spot

i)Gold : $1793.70 LONDON SPOT  4:30 pm

ii)SILVER:  $23.84

//LONDON SPOT  4:30 pm

 
 
end

PLATINUM AND PALLADIUM PRICES BY GOLD-EAGLE (MORE ACCURATE)

 

 

PLATINUM  $947.60 UP  $2.00

PALLADIUM: $1981.45 UP $29.70/OZ 

END

Editorial of The New York Sun | February 1, 2021

end

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COMEX DETAILS//NOTICES FILED

JPMorgan has been receiving gold with reckless abandon and sometimes supplying (stopping)

receiving today 0/0

issued:  0

Goldman Sachs stopped: 0

 

NUMBER OF NOTICES FILED TODAY FOR  SEPT. CONTRACT: 0 NOTICE(S) FOR 0 OZ  (0.0000 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR THIS MONTH:  1053 FOR 105,300 OZ  (3.2752 TONNES)

SILVER//sept CONTRACT

35 NOTICE(S) FILED TODAY FOR  135,000   OZ/

total number of notices filed so far this month 5280  :  for 26,400,000  oz

 

BITCOIN MORNING QUOTE  $47,671 UP 1193  DOLLARS 

BITCOIN AFTERNOON QUOTE.:$48,047  UP 1569 DOLLARS. 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

GLD AND SLV INVENTORIES:

GLD AND SLV INVENTORIES:

Gold

WITH GOLD  DOWN $11.90 AND NO PHYSICAL TO BE FOUND ANYWHERE:

NO CHANGE IN GOLD INVENTORY AT THE GLD: 

WITH RESPECT TO GLD WITHDRAWALS:  (OVER THE PAST FEW MONTHS)

GOLD IS “RETURNED” TO THE BANK OF ENGLAND WHEN CALLING IN THEIR LEASES: THE GOLD NEVER LEAVES THE BANK OF ENGLAND IN THE FIRST PLACE. THE BANK IS PROTECTING ITSELF IN CASE OF COMMERCIAL FAILURE

ALSO INVESTORS SWITCHING TO SPROTT PHYSICAL  (phys) INSTEAD OF THE FRAUDULENT GLD//

THIS IS A MASSIVE FRAUD!!

GLD  1.000.21 TONNES OF GOLD//

Silver

AND WITH NO SILVER AROUND  TODAY: WITH SILVER DOWN 9 CENTS

NO CHANGES  IN SILVER INVENTORY AT THE SLV: 

INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV

WITH REGARD TO SILVER WITHDRAWALS FROM THE SLV:

THE SILVER WITHRAWALS ARE ACTUALLY “RETURNED” TO JPM, AS JPMORGAN CALLS IN ITS LEASES WITH THE SLV FUND.  (THE STORY IS THE SAME AS THE BANK OF ENGLAND’S GOLD). THE SILVER NEVER LEAVES JPMORGAN’S VAULT. THEY ARE CALLING IN THEIR LEASES FOR FEAR OF SOLVENCY ISSUES.

INVENTORY RESTS AT: 

544.624  MILLION OZ./SLV

xxxxx

GLD closing price//NYSE 167,83 DOWN  0.99 OR 0.59%

XXXXXXXXXXXXX

SLV closing price NYSE 22.07 DOWN $.03 OR 0.14%

XXXXXXXXXXXXXXXXXXXXXXXXX

 
 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 
 
 

Let us have a look at the data for today

SILVER COMEX OI ROSE BY A STRONG SIZED 1150 CONTRACTS TO 140,540, AND CLOSER TO THE NEW RECORD OF 244,710, SET FEB 25/2020. THE GAIN IN OI OCCURRED WITH OUR  $0.13 GAIN IN SILVER PRICING AT THE COMEX  ON TUESDAY.

OUR BANKERS WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN ,(IT ROSE BY $0.13)

AND THEY WERE UNSUCCESSFUL IN KNOCKING OUT ANY SILVER LONGS AS WE HAD A VERY STRONG GAIN OF 1510 CONTRACTS ON OUR TWO EXCHANGES.WE  ALSO HAD I) HUGE  BANKER SHORT COVERING AS THEY ARE VERY ANXIOUS TO GET OUT OF DODGE!!/WE ALSO HAD  SOME ii) REDDIT RAPTOR BUYING//.    iii)  A SMALL ISSUANCE OF EXCHANGE FOR PHYSICALS iiii) A  SMALL INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 27.64 MILLION OZ FOLLOWED BY A 250,000 OZ  QUEUE JUMP //NEW STANDING 27.945 MILLION OZ  / v) STRONG SIZED COMEX OI GAIN,
 
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL:
 
THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI SILVER TODAY: CONTRACTS -35
 

 
 
HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS
 
 
SEPTEMBER
 
ACCUMULATION FOR EFP’S SILVER/JPMORGAN’S HOUSE OF BRIBES/STARTING FROM FIRST DAY/MONTH OF SEPT:
 
5087 CONTACTS  for 10 days, total 5087 contracts or 25.435 million oz…average per day:  509 contracts or 2.545 million oz per day.

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER: SO FAR THIS MONTH OF

SEPT:  25.435 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON

LAST 4 MONTHS TOTAL EFP CONTRACTS ISSUED  IN MILLIONS OF OZ

MAY 137.83 MILLION

JUNE 149.91 MILLION OZ

JULY 129.445 MILLION OZ

AUGUST: 140.120 MILLION OZ 

 
RESULT: , … WE HAD A STRONG SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1150 CONTRACTSWITH OUR 13 CENT GAIN SILVER PRICING AT THE COMEX ///TUESDAYTHE CME NOTIFIED US THAT WE HAD A SMALL SIZED EFP ISSUANCE OF 325 CONTRACTS( 0 CONTRACTS ISSUED FOR SEPT AND 325 CONTRACTS ISSUED FOR DECEMBER) WHICH  EXITED OUT OF THE SILVER COMEX  TO LONDON  AS FORWARDS.
 
TODAY WE HAD A STRONG SIZED GAIN OF 1475 OI CONTRACTS ON THE TWO EXCHANGE/THE DOMINANT FEATURE TODAY:/HUGE BANKER SHORTCOVERING AS THEY GET OUT OF DODGE/  ( WITH OUR $0.13 GAIN AND WE HAVE A  SMALL INITIAL SILVER OZ STANDING FOR SEPTEMBER 27.640 MILLION OZ FOLLOWED TODAY BY A  QUEUE JUMP.  OF 250,000 OZ TODAY//NEW STANDING 27.945 MILLION OZ//
 

WE HAD 35 NOTICES FILED TODAY FOR 175,000 OZ

GOLD

IN GOLD, THE COMEX OPEN INTEREST ROSE BY A FAIR SIZED 2525  CONTRACTS TO 5063569 _ ,,AND FURTHER FROM  OUR NEW RECORD (SET JAN 24/2020) AT 799,541 AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110. 

THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY:  – 173  CONTRACTS.

THE FAIR SIZED INCREASE IN COMEX OI CAME WITH OUR GAIN IN PRICE OF $12.90///COMEX GOLD TRADING/TUESDAY.AS IN SILVER WE MUST HAVE HAD HUGE BANKER/ALGO SHORT COVERING ACCOMPANYING OUR FAIR SIZED EXCHANGE FOR  PHYSICAL ISSUANCE. WE HAD ZERO LONG LIQUIDATION AS THE TOTAL GAIN ON OUR TWO EXCHANGES TOTALLED 5351 CONTRACTS. WE ALSO HAD A GOOD INITIAL STANDING IN GOLD TONNAGE FOR SEPT AT 3.586 TONNES, FOLLOWED BY TODAY’S 23,800 OZ QUEUE JUMP //NEW STANDING 4.566 TONNES// 
 
 
 

YET ALL OF..THIS HAPPENED WITH OUR GAIN IN PRICE OF $12.90 WITH RESPECT TO TUESDAY’S TRADING

WE HAD A VOLUME OF 0    4 -GC CONTRACTS//OPEN INTEREST  0//

WE HAD A GOOD SIZED GAIN OF 5351  OI CONTRACTS (16.64 TONNES) ON OUR TWO EXCHANGES

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A FAIR SIZED 2482 CONTRACTS:

CONTRACT  AND JULY:  0; AUGUST: 0 & DEC 2482  ALL OTHER MONTHS ZERO//TOTAL: 2482 The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 506,356. ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S.  THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY.  THEN THEY ORCHESTRATE THEIR PRIVATE EXCHANGE DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL, 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. . EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER  AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES.

IN ESSENCE WE HAVE A GOOD SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 5351  CONTRACTS: 2525 CONTRACTS INCREASED AT THE COMEX AND 2826 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN ON THE TWO EXCHANGES OF 5351 CONTRACTS OR 16.64 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (2826) ACCOMPANYING THE FAIR SIZED GAIN IN COMEX OI (2525 OI): TOTAL GAIN IN THE TWO EXCHANGES: 5351 CONTRACTS. WE NO DOUBT HAD 1) HUGE BANKER SHORT COVERING ,2.) GOOD INITIAL STANDING AT THE GOLD COMEX FOR SEPT. AT 3.586 TONNES//FOLLOWED BY TODAY’S 23,800 OZ QUEUE JUMP//NEW STANDING 5.306 TONNES / 3) ZERO LONG LIQUIDATION, /// ;4)FAIR SIZED COMEX OI GAIN 5) FAIR ISSUANCE OF EXCHANGE FOR PHYSICAL

SPREADING OPERATIONS(/NOW SWITCHING TO GOLD)

FOR NEWCOMERS, HERE ARE THE DETAILS:

SPREADING LIQUIDATION HAS NOW COMMENCED   AS WE HEAD TOWARDS THE  NEW ACTIVE FRONT MONTH OF OCT. WE ARE NOW INTO THE SPREADING OPERATION OF GOLD

 

HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS IN THE SPREADING ENDEAVOUR;

MODUS OPERANDI OF THE CORRUPT BANKERS AS TO HOW THEY HANDLE THEIR SPREAD OPEN INTERESTS:
HERE IS HOW THE CROOKS USED SPREADING AS WE ARE NOW INTO THE NON ACTIVE DELIVERY MONTH OF SEPT HEADING TOWARDS THE ACTIVE DELIVERY MONTH OF OCT, FOR GOLD:

YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST  STARTS TO RISE BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING  ACTIVE DELIVERY MONTH (OCT), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY.  THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END  OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”

 
 
 
 

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS IN 2021 INCLUDING TODAY

SEPTEMBER

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF SEPT : 17,994, CONTRACTS OR 1,799,400 oz OR 55.97 TONNES (10 TRADING DAY(S) AND THUS AVERAGING: 1799 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 10 TRADING DAY(S) IN  TONNES: 55.97 TONNES

TOTAL ANNUAL GOLD PRODUCTION, 2020, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES

THUS EFP TRANSFERS REPRESENTS  55.97/3550 x 100% TONNES  1.57% OF GLOBAL ANNUAL PRODUCTION

ACCUMULATION OF GOLD EFP’S YEAR 2021 TO DATE
 
JANUARY: 265.26 TONNES (RAPIDLY INCREASING AGAIN)
 
FEB  :  171.24 TONNES  ( DEFINITELY SLOWING DOWN AGAIN)..
 
MARCH:.   276.50 TONNES (STRONG AGAIN///IT SURPASSED JANUARY!!)

APRIL:      189..44 TONNES  ( DRAMATICALLY SLOWING DOWN AGAIN//GOLD IN BACKWARDATION)

MAY:        250.15 TONNES  (NOW DRAMATICALLY INCREASING AGAIN)

JUNE:      247.54 TONNES (FINAL)

JULY:        188.73 TONNES FINAL

AUGUST:   217.89 TONNES FINAL ISSUANCE.

SEPT          55.97 TONNES INITIAL ISSUANCE (EXTREMELY LOW ISSUANCE)_

 

WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS.  ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM.  IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE

First, here is an outline of what will be discussed tonight:

1.Today, we had the open interest at the comex, in SILVER, ROSE BY A STRONG 1150 CONTRACTS TO 140,540 AND FURTHER FROM  TO OUR COMEX RECORD //244,710(SET FEB 25/2020).  THE LAST RECORDS WERE SET  IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD  WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER  4 1/2 YEARS AGO.  

EFP ISSUANCE 325 CONTRACTS

OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS  AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:

JULY 0  AND SEPT: 0; DEC 325  ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE:  325 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE  COMEX OI GAIN OF1185 CONTRACTS AND ADD TO THE 325 OI TRANSFERRED TO LONDON THROUGH EFP’S,WE OBTAIN A VERY STRONG SIZED GAIN OF 1475 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES.

THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES 7.345 MILLION  OZ, OCCURRED WITH OUR $0.13 GAIN IN PRICE. 

 

BOTH THE SILVER COMEX AND THE GOLD COMEX ARE IN STRESS AS THE BANKERS SCOUR THE BOWELS OF THE EXCHANGE FOR METAL..THE EVIDENCE IS CLEAR: HUGE AMOUNTS OF PHYSICAL STANDING FOR BOTH  SILVER AND GOLD .

1/COMEX GOLD AND SILVER REPORT

(report Harvey)

 

2 ) Gold/silver trading overnight Europe, Gold

(Peter Schiff, Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com,

 
 
 

3. ASIAN AFFAIRS

i)WEDNESDAY MORNING/TUESDAY  NIGHT: 

SHANGHAI CLOSED DOWN 6.38  PTS  OR 0.17%   //Hang Sang CLOSED down 469.02 PTS OR 1.84%      /The Nikkei closed DOWN 158.39 PTS OR 0.52%   //Australia’s all ordinaires CLOSED DOWN 0.22%

/Chinese yuan (ONSHORE) closed UP TO 6.4333  /Oil UP TO 70.69 dollars per barrel for WTI and 73.89 for Brent. Stocks in Europe OPENED ALL RED   /ONSHORE YUAN CLOSED  UP AGAINST THE DOLLAR AT 6.4333. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.4302/ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%/

i

 
3 a./NORTH KOREA/ SOUTH KOREA

NORTH KOREA//USA/OUTLINE

END

b) REPORT ON JAPAN

3 C CHINA

OUTLINE

4/EUROPEAN AFFAIRS

OUTLINE

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

OUTLINE

6.Global Issues

OUTLINE

7. OIL ISSUES

OUTLINE

8 EMERGING MARKET ISSUES

OUTLINE
 

COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS

GOLD

LET US BEGIN:

 

THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A FAIR SIZED 2525 CONTRACTS TO 506,356 MOVING CLOSER TO FROM TO  THE RECORD THAT WAS SET IN JANUARY/2020: {799,541  OI(SET JAN 16/2020)} AND  PREVIOUS TO THAT: 797,110 (SET JAN 7/2020).  AND THIS SMALL COMEX INCREASE OCCURRED WITH OUR GAIN OF $12.90 IN GOLD PRICING TUESDAY’S COMEX TRADING.WE ALSO HAD A FAIR EFP ISSUANCE (2826 CONTRACTS). …AS THEY WERE PAID HANDSOMELY  NOT TO TAKE DELIVERY AT THE COMEX AND SETTLE FOR CASH. LOOKS LIKE OUR BANKERS ARE FINALLY BAILING OUT!!

WE NORMALLY HAVE WITNESSED  EXCHANGE FOR PHYSICALS ISSUED BEING SMALL AS IT JUST TOO COSTLY FOR THEM TO CONTINUE SERVICING THE COSTS OF SERIAL FORWARDS CIRCULATING IN LONDON. HOWEVER, MUCH TO THE ANNOYANCE OF OUR BANKERS, THE COMEX IS THE SCENE OF AN ASSAULT ON GOLD AS LONDONERS, NOT BEING ABLE TO FIND ANY PHYSICAL ON THAT SIDE OF THE POND, EXERCISE THESE CIRCULATING EXCHANGE FOR PHYSICALS IN LONDON AND FORCING DELIVERY OF REAL METAL OVER HERE AS THE OBLIGATION STILL RESTS WITH NEW YORK BANKERS. IT SEEMS THAT ARE BANKERS FRIENDS ARE EXERCISING EFP’S FROM LONDON AND NOW THEY ARE LOATHE TO ISSUE NEW ONES.  

(SEE BELOW)

WE  HAD 0    4 -GC VOLUME//open interest REMAINS AT   0

EXCHANGE FOR PHYSICAL ISSUANCE

WE ARE NOW MOVING TO THE  ACTIVE DELIVERY MONTH OF SEPT..  THE CME REPORTS THAT THE BANKERS ISSUED A FAIR SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 2826 EFP CONTRACTS WERE ISSUED:  ;: ,  JULY 0 & AUGUST:  & DEC.  2826 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 2826  CONTRACTS 

WHEN WE HAVE BACKWARDATION,  EFP ISSUANCE IS VERY COSTLY BUT THE REAL PROBLEM IS THE SCARCITY OF METAL AND IT IS FAR BETTER FOR OUR BANKERS TO PAY OFF INDIVIDUALS THAN RISK INVESTORS ESPECIALLY FROM LONDON STANDING FOR DELIVERY. THE LOWER PRICES IN THE FUTURES MARKET IS A MAGNET FOR OUR LONDONERS SEEKING PHYSICAL METAL. BACKWARDATION ALWAYS EQUAL SCARCITY OF METAL!

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A GOOD SIZED 5351 TOTAL CONTRACTS IN THAT 2826 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED A FAIR SIZED COMEX OI OF 2525 CONTRACTS.WE HAVE A GOOD AMOUNT OF GOLD TONNAGE STANDING FOR SEPT   (5.306),

 HERE ARE THE AMOUNTS THAT STOOD FOR DELIVERY IN THE PRECEDING 8 MONTHS OF 20201:

SEPT: 5.306 TONNES

AUGUST: 80.489 TONNES

JULY: 7.2814 TONNES

JUNE:  72.289 TONNES

MAY 5.77 TONNES

APRIL  95.331 TONNES

MARCH 30.205 TONNES

FEB. 113.424 TONNES

JAN: 6.500 TONNES.

TOTAL SO FAR THIS YEAR (JAN- AUGUST): 411.289 TONNNES

THE BANKERS WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT ROSE $12.90).,AND THEY WERE  UNSUCCESSFUL IN FLEECING ANY LONGS AS THE TOTAL GAIN ON THE TWO EXCHANGES REGISTERED 17.18 TONNES.ACCOMPANYING OUR GOOD GOLD TONNAGE STANDING FOR SEPT. (5.306 TONNES)..I  STRONGLY BELIEVE THAT OUR BANKER FRIENDS ARE GETTING QUITE NERVOUS.  THE HUGE SIZED GAIN IN COMEX OI IS DUE TO BANKER SHORT COVERING IN A BIG WAY.  THEY ARE LOOKING OVER THEIR SHOULDERS AND WITNESSING MASSIVE SILVER/GOLD SHORTAGES THAT CANNOT BE COVERED. THEY ARE TRYING TO FLEE IN HASTE “FROM DODGE”.

WE HAD – XX CONTRACTS FROM COMEX TRADES. THESE WERE REMOVED AFTER TRADING ENDED LAST NIGHT. 

NET GAIN ON THE TWO EXCHANGES :: 5351 CONTRACTS OR 535100 OZ OR 16.64 TONNES

COMMODITY LAW SUGGESTS THAT COMMODITY FUTURES OPEN INTEREST SHOULD APPROXIMATE 3% OF TOTAL PRODUCTION.  IN GOLD THE WORLD PRODUCES AROUND 3500 TONNES PER YEAR BUT ONLY 2200 TONNES ARE AVAILABLE FROM THE WEST (THUS EXCLUDING RUSSIA, CHINA ETC..WHO KEEP 100% OF THEIR PRODUCT.
 
THUS IN GOLD WE HAVE THE FOLLOWING:  506,356 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 50.64 MILLION OZ/32,150 OZ PER TONNE =  15.75 TONNES

THE COMEX OPEN INTEREST REPRESENTS 1575/2200 OR 71.61% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

 

Trading Volumes on the COMEX GOLD TODAY  136,374 contracts//    / volume//awful////

CONFIRMED COMEX VOL. FOR YESTERDAY: 209,182 contracts//poor

// //most of our traders have left for London

 

SEPT 15

/2021

 
INITIAL STANDINGS FOR SEPT COMEX GOLD
 
 
 
 
 
 
 
 
 
 
 
 
 
Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
 
64.30 OZ
 
brinks
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposit to the Dealer Inventory in oz
nil
OZ
 
 
 
 
 
 

Deposits to the Customer Inventory, in oz
 
 
 
 
6944.616
 
oz
hsbc
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
No of oz served (contracts) today
0  notice(s)
000 OZ
 
0.00622 TONNES
No of oz to be served (notices)
653 contracts
65300 oz
 
2.031 TONNES
 
 
Total monthly oz gold served (contracts) so far this month
1053 notices
105,300 OZ
3.2752 TONNES
 
 
Total accumulative withdrawals of gold from the Dealers inventory this month NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month xxx oz
 
 
 
We had 0 deposit into the dealer
 
 
 
 
total deposit: nil   oz 
 

total dealer withdrawals: nil oz

we had  1 deposit into the customer account
i) into HSBC  6944.616 oz  (216 kilobars)
 
 
TOTAL CUSTOMER DEPOSITS 6944.616  oz  
 
 
 
 
 
 
We had 1  customer withdrawals.
i) Out of Brinks: 64.30 oz (2 kilobars)
 
 
 
 
 
 
 
 
total customer withdrawals 64.30    oz
     
 
 
 
 
 
 
 
 
 

We had 2  kilobar transactions 2 out of  2 transactions)

ADJUSTMENTS 0// 

 
 
 
the front month of September has an open interest of 653 for a GAIN of 238 contracts. We had 0 notices served on Monday.  Thus we gained 238 contracts or an additional 23,800 oz will stand for delivery in this non active delivery month of September for gold as they negated a fiat bonus for not accepting an EFP.
 
 
 
 
OCTOBER LOST 666 CONTRACTS DOWN TO 36,367
NOVEMBER GAINED 3 CONTRACTS TO STAND AT 44
.
DEC GAINED 2858  TO STAND AT 411,407
 

We had 0 notice(s) filed today for 0  oz

FOR THE SEPT 2021 CONTRACT MONTH)Today, 0 notice(s) were issued from JPMorgan dealer account and 0 notices were issued from their client or customer account. The total of all issuance by all participants equates to 0  contract(s) of which 0  notices were stopped (received) by j.P. Morgan dealer and 0 notice(s) was (were) stopped/ Received) by J.P.Morgan//customer account and 0  notices received (stopped) by the squid  (Goldman Sachs)

To calculate the INITIAL total number of gold ounces standing for the SEPT /2021. contract month, we take the total number of notices filed so far for the month (1053) x 100 oz , to which we add the difference between the open interest for the front month of  (SEPT: 653 CONTRACTS ) minus the number of notices served upon today  0 x 100 oz per contract equals 170,600 OZ OR 5.306 TONNES) the number of ounces standing in this active month of SEPTEMBER.  

thus the INITIAL standings for gold for the SEPT contract month:

No of notices filed so far (1053) x 100 oz+( 653)  OI for the front month minus the number of notices served upon today (0} x 100 oz} which equals 170,600 oz standing OR 5.306 TONNES in this  active delivery month of SEPTEMBER.

We GAINED 238 contracts or an additional 23,800 oz will not stand for delivery over on this side of the pond.

TOTAL COMEX GOLD STANDING: 5.306 TONNES

 
 

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

NEW PLEDGED GOLD:

427,737.391, oz NOW PLEDGED  march 5/2021/HSBC  13.30 TONNES

284,899.652 PLEDGED  MANFRA 8.8615 TONNES

298,568.054, oz  JPM  9.28 TONNES

1,173,555.732 oz pledged June 12/2020 Brinks/36.50 TONNES

133,981.351, oz Pledged August 21/regular account 4.164 tonnes JPMORGAN

41,127.478 oz International Delaware:  1.27 tonnes

18,615.429 Loomis:  0.5790 tonnes

total pledged gold:  2,378,385.088oz                                     73.98 tonnes

 

SURPRISINGLY WE HAVE BEEN WITNESSING NO REAL PHYSICAL GOLD ENTERING THE COMEX VAULTS FOR THE PAST YEAR!! ..ONLY PHONY KILOBAR ENTRIES…. WE HAVE 494.54 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS 4.566 tonnes

CALCULATION OF REGISTERED THAT CAN BE SETTLED UPON:

total registered or dealer  18,324,956.122 oz or 569.98 tonnes
 
 
 
total weight of pledged: 2,378,385.088 oz or 73.98 tonnes
 
 
registered gold that can be used to settle upon: 15,946,571.0 (494.54 tonnes) 
 
 
 
 
true registered gold  (total registered – pledged tonnes15,946,571.0 (494.54 tonnes)   
 
 
total eligible gold: 15,796,450.036 oz   (491.13 tonnes)
 
 
 
total registered, pledged  and eligible (customer) gold  34,121,406.208 oz or 1,061.32 tonnes
 (INCLUDES 4 GC GOLD)
 
 

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  934.98 tonnes

end

 
 

I have compiled  data with respect to registered (or dealer) gold taken on first day notice for each of the past 24 months

The data begins on first day notice for the May month taken on the last day of July 2018. and it continues to present day.

I then took, how many deliveries were recorded by the CME for each and every month.  I also included for reference the price of gold on first day notice.

The first graph is a logarithmic  graph and the second graph, linear.

You can see the huge explosion of registered gold at the comex along with deliveries.

 
 
THE DATA AND GRAPHS:
 
 
 
 
 
 
 
END

SEPT 15/2021

And now for the wild silver comex results

INITIAL STANDING FOR SILVER//SEPTEMBER

Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
 
2972.840  oz
 
CNT
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Dealer Inventory
nil OZ
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Customer Inventory
72,520.260
 OZ
Delaware
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
No of oz served today (contracts)
35
 
CONTRACT(S)
 
175,000  OZ)
 
No of oz to be served (notices)
309 contracts
 1,545,000oz)
Total monthly oz silver served (contracts)  5280 contracts

26,400,000 oz)

Total accumulative withdrawal of silver from the Dealers inventory this month NIL oz
Total accumulative withdrawal of silver from the Customer inventory this month
 
We had 0 deposit into the dealer
 
 

total dealer deposits:  nil        oz

i) We had 0 dealer withdrawal

total dealer withdrawals: nil oz

we had  1 deposits into customer account (ELIGIBLE ACCOUNT)

i) Into Delaware:  72,520.260 oz

 
 
 

JPMorgan now has 186.501 million oz  silver inventory or 51.23% of all official comex silver. (186.501 million/361.500 million

total customer deposits today 72,520.260   oz

we had 1 withdrawals

i) out of CNT:  2972.840 oz

 

total withdrawal 2972.840        oz

adjustments:1     Manfra
dealer to customer: 560,598.871 oz
 
 
 

Total dealer(registered) silver: 101.958 million oz

total registered and eligible silver:  361.500 million oz

a net.0.070 million oz  enters  the comex silver vaults.

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 
 
For Sept. we have an open interest of 344 for a GAIN of 22 contracts.  We had 28 notices served on Tuesday, so we GAINED 50 contracts or 250,000 additional oz will  stand for delivery at the comex in this very active delivery month of September.
 
 
 

OCTOBER LOST 1121 CONTRACTS TO STAND AT 1968

NOVEMBER GAINED 92 TO STAND AT  196

DEC GAINED 828 CONTRACTS DOWN TO 122,632

 
NO. OF NOTICES FILED: 28  FOR 140,000 OZ.

To calculate the number of silver ounces that will stand for delivery in SEPTEMBER. we take the total number of notices filed for the month so far at  5280 x 5,000 oz = 26,400,000 oz to which we add the difference between the open interest for the front month of SEPT (344) and the number of notices served upon today 35 x (5000 oz) equals the number of ounces standing.

Thus the SEPT standings for silver for the SEPT./2021 contract month: 5280 (notices served so far) x 5000 oz + OI for front month of SEPT(344)  – number of notices served upon today (35) x 5000 oz of silver standing for the SEPTEMBER contract month .equals 27,945,000 oz. ..

We gained 50 contract or AN ADDITIONAL 250,000 oz will stand on this side of the pond 

 

TODAY’S ESTIMATED SILVER VOLUME  32,029 CONTRACTS // volume dreadful///

FOR YESTERDAY 44,342  ,CONFIRMED VOLUME/ /awful

COMMODITY LAW SUGGESTS THAT OPEN INTEREST SHOULD NOT BE MORE THAN 3% OF ANNUAL GLOBAL PRODUCTION. THE CROOKS ARE SUPPLYING MASSIVE PAPER TRYING TO KEEP SILVER IN CHECK.

The record level of silver open interest is 234,787 contracts set on April 21./2017 with the price at that day at $18.42. The previous record was 224,540 contracts with the price at that time of $20.44

end

NPV for Sprott

1. Sprott silver fund (PSLV): NAV  RISES TO -1.64% (SEPT15/2021)

SILVER FUND POSITIVE TO NAV

no of oz of physical silver held  JULY 8.2021;  150,926,000  (GAIN OF 6.411 MILION OZ IN A MONTH)

No of oz of physical silver held; MAY 24/2021  144,515,694 OZ

No. of oz of physical silver held:  Sept 20/20: 85,907.3616  Oz

No of oz pf physical silver held: Dec 21/2019:  65,073.570 Oz

During the past 8 months Sprott has added: 58,608.30 Oz

So far this year: 53.8 million oz

2. Sprott gold fund (PHYS): premium to NAV RISES TO -0.85% nav   (SEPT15)/2021 )

3. SPROTT CEF .A   FUND (FORMERLY CENTRAL FUND OF CANADA)

NAV $18.45 TRADING 17.89//NEGATIVE  3.04

END

And now the Gold inventory at the GLD/(this vehicle is a fraud as there is no gold behind them!

SEPT 15/WITH GOLD DOWN $11.90 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1000.21 TONNES

SEPT 14/WITH GOLD UP $12,90 TODAY: A HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 2.04 TONNES OF GOLD INTO THE GLD////INVENTORY RESTS AT 1000.21 TONNES

SEPTEMBER 13//WITH GOLD UP $1.70 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 998.17 TONNES

SEPTEMBER 10//WITH GOLD DOWN $7.40//A SMALL CHANGES IN GOLD INVENTORY AT THE GLD”: A WITHDRAWAL OF .35 TONNES FROM THE GLD//INVENTORY RESTS AT 998.17

SEPT 9/WITH GOLD UP $7.10 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 998.52 TONNES/

SEPT 8/WITH GOLD DOWN $4.90 TODAY:NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 998.52 TONNES

SEPT 7/WITH GOLD DOWN $35.35 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD//INVENTORY REST AT 998.52 TONNES.

SEPT 3/WITH GOLD UP $22.00 TODAY: A HUGE  CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF .74 TONNES FROM THE GLD.//INVENTORY RESTS AT 999.52 TONNES

SEPT 2/WITH GOLD DOWN $4.45 TODAY; NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1000.26 TONNES

SEPT 1/WITH GOLD DOWN $2.00 TODAY; A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.46 TONNES FORM THE GLD////INVENTORY RESTS AT 1000.26 TONNES.

AUGUST 31/WITH GOLD UP $5.60 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 1001.72 TONNES./

AUGUST 30/WITH GOLD DOWN $7.15 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1001.72 TONNES/

AUGUST 27/WITH GOLD UP $23.79 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1001.72 TONNES

AUGUST 26/WITH GOLD UP $6.10 TODAY, A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.91 TONNES FROM THE GLD////INVENTORY RESTS AT 1001.72 TONNES.

AUGUST 25/WITH GOLD DOWN $17.00 TODAY: A HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.03 TONNES FROM THE GLD////INVENTORY RESTS AT 1004.63 TONNES

AUGUST 24/ WITH GOLD UP $2.60 TODAY: A MONSTER CHANGE IN GOLD INVENTORY AT THE GLD: A PAPER WITHDRAWAL OF 4.95 TONNES//INVENTORY RESTS AT 1006.66 TONNES.

AUGUST 23/WITH GOLD UP $21.25 TODAY:  NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 1011.61 TONNES// 

AUGUST 20/WITH GOLD UP $1.05 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A PAPER WITHDRAWAL OF 3.49 TONNES FROM THE GLD //INVENTORY RESTS AT 1011.61 TONNES

AUGUST 19/WITH GOLD DOWN $1.30 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1015.10 TONNES/

AUGUST 18/WITH GOLD  DOWN $2.85 TODAY: A HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 5.53 TONNES FROM THE GLD////INVENTORY RESTS AT 1015.10 TONNES/

AUGUST 17/WITH GOLD DOWN $2.50 TODAY: A HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A PAPER WITHDRAWAL OF 1.16 TONNES FROM THE GLD///INVENTORY RESTS AT 1020.63 TONNES

AUGUST 16/WITH GOLD UP $11.50 TODAY; A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A LOSS OF 1.75 TONNES FROM TH EGLD///INVENTORY RESTS AT 1021.79 TONNES

AUGUST 13/WITH GOLD UP $26.20 TODAY NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1023.54 TONNES

AUGUST 12/ WITH GOLD DOWN $1.20 TODAY NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1023.54 TONNES

AUGUST 11/WITH GOLD UP $21.20 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1023.54 TONNES

AUGUST 10/WITH GOLD UP $11.50 TODAY: A HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.75 TONNES FROM THE GLD////INVENTORY RESTS AT 1023.54 TONNES

AUGUST 9/WITH GOLD DOWN $37.10 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1025.29 TONNES

AUGUST 6/WITH GOLD DOWN $44.10 TODAY: TWO CHANGES IN GOLD INVENTORY AT THE GLD: A SMALL WITHDRAWAL OF .36 TONNES TO PAY FOR FEES. ANDLATE IN THE DAY A HUGE 2.32 TONNE WITHDRAWAL//INVENTORY RESTS AT 1025.29 TONNES

AUGUST 5/WITH GOLD DOWN $5.15 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1027.97 TONNES

AUGUST 4/WITH GOLD UP $.45 TODAY; A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.74 TONNES FROM THE GLD///INVENTORY RESTS AT 1027.97 TONNES

AUGUST 3/WITH GOLD DOWN $6.95 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.75 TONNES FROM THE GLD../INVENTORY RESTS AT 1029.71 TONNES.

AUGUST 2/WITH GOLD UP $4.45 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 1031.46 TONNES.

JULY 30/WITH GOLD DOWN $17.00 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1031.46 TONNES

JULY 29/WITH GOLD UP $29.80 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A HUGE PAPER DEPOSIT OF 5.82 TONNES INTO THE GLD////INVENTORY RESTS AT 1031.46 TONNES

JULY 28/WITH GOLD UP $1.00 TODAY:NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1025.64 TONNES

JULY 27/WITH GOLD UP 90 CENTS TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A PAPER WITHDRAWAL OF 1.74 TONNES FROM THE GLD/INVENTORY RESTS AT 1025.64 TONNES.

JULY 26/WITH GOLD DOWN $1.65 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1027.35 TONNES.

JULY 23/WITH GOLD DOWN $3.20 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.17 TONNES FROM THE GLD///INVENTORY RESTS AT 1027.35 TONNES

JULY 22/WITH GOLD UP $2.00 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1027.38 TONNES

JULY 21/WITH GOLD DOWN $7.85 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1028.55 TONNES/

 
 
 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

Inventory rests tonight at:

 

SEPT 15 / GLD INVENTORY 1000.21 tonnes

LAST;  1311 TRADING DAYS:   +75.40 TONNES HAVE BEEN ADDED THE GLD

LAST 981 TRADING DAYS// +  250.82. TONNES HAVE NOW  BEEN ADDED INTO  THE GLD INVENTORY

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

Now the SLV Inventory/( vehicle is a fraud as there is no physical metal behind them!)

SEPT 15/WITH SILVER DOWN 9 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 544.624 MILLION OZ/

SEPT 14/WITH SILVER UP 13 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.11 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 544.624 MILLION OZ

SEPT 13/WITH SILVER DOWN 12 CENTS; A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 2.131MILLION OZ FORM THE SLV////INVENTORY RESTS AT 545.735 MILLION OZ/

SEPT 10 WITH SILVER DOWN 26 CENTS; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 547.866 MILLION OZ..

SEPT 9/ WITH SILVER UP 11 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 547.866 MILLION OZ//

SEPT 8/WITH SILVE DOWN 30 CENTS TODAY; A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 2.037 MILLION OF FROM THE SLV///INVENTORY RESTS AT 547.866 MILLION OZ//

SEPT 7/WITH SILVER DOWN 32 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 549.903 MILLION OZ.

SEPT 3/WITH SILVER UP 83 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 549.903 MILLION OZ//

SEPT 2/WITH SILVER DOWN 29 CENTS TODAY: A HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 977,000 OZ FROM THE SLV////INVENTORY RESTS AT 549.903 MILLION OZ

SEPT 1/WITH SILVER UP 20 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 550.880 MILLION OZ.

AUGUST 31/WITH SILVER UP 2 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 5.002 MILLION OZ INTO THE SLV/////INVENTORY RESTS AT 550.880 MILLION OZ

AUGUST 30/WITH SILVER DOWN 7 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY REST S AT 545.878 MILLION OZ////

AUGUST 27/WITH SILVER UP 47 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 545.878 MILLION OZ/./

AUGUST 26/WITH SILVER DOWN 22 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 545.878 MILLION OZ//

AUGUST 25/WITH SILVER DOWN 11 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 545.878 MILLION OZ/

AUGUST24/WITH SILVER UP 37 CENTS TODAY: A HUGE CHANGES IN SILVER INVENTORY AT THE SLSV: ANOTHER PAPER WITHDRAWAL OF 3.427 MILLION OZ AND THIS IS HEADING FOR SPROTT//INVENTORY RESTS AT 545.878 MILLION OZ..

AUGUST 23/WITH SILVER UP 50 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV;A HUGE WITHDRAWAL OF 2.641 MILLION OZ//INVENTORY RESTS AT 549.305 MILLION OZ//

AUGUST 20/WITH SILVER DOWN 11 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 551.946 MILLION OZ//

AUGUST 19/WITH SILVER DOWN 20 CENTS TODAY; A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: ANOTHER WITHDRAWAL OF 1.389 MILLION OZ FROM THE SLV//INVENTORY RESTS AT 551.946 MILLION OZ/

AUGUST 18/ WITH SILVER DOWN 25 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV//A WITHDRAWAL OF 2.131 MILLION OZ FROM THE SLV.INVENTORY REST AT 553.375 MILLION OZ

AUGUST 17/WITH SILVER DOWN 14 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 555.466 MILLION OZ.

AUGUST 16/WITH SILVER UP 8 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 555.466 MILLION OZ//

AUGUST 13/WITH SILVER UP 59 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE   SLV: A DEPOSIT OF 2.038 MILLION OZ INTO THE SLV//INVENTORY RESTS AT 555.466 MILLION OZ.

AUGUST 12/WITH SILVER DOWN 39 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 553.428 MILLION OZ//

AUGUST 11/WITH SILVER UP 13 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 553.428 MILLION OZ//

AUGUST 10.WITH SILVER UP 9 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 553.428 MILLION OZ/

AUGUST 9/WITH SILVER DOWN 78 CENTS TODAY: A SMALL CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 371,000 OZ INTO THE SLV////INVENTORY RESTS AT 553.428 MILLION OZ//

AUGUST 6/WITH SILVER DOWN 86 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 553.057 MILLION OZ.

AUGUST 5/WITH  SILVER DOWN 17 CENTS TODAY;NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 553.057 MILLION OZ//

AUGUST 4/WITH SILVER DOWN 12 CENTS TODAY: A SMALL CHANGE IN SILVER INVENTORY AT THE SLV;A WITHDRAWAL OF 240,000 OZ FORM THE SLV//INVENTORY REST AT 553.057 MILLION OZ//

AUGUST 3/WITH  SILVER UP 4 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 553.297 MILLION OZ..

AUGUST 2/WITH SILVER UP 5 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 553.297 MILLION OZ.

JULY 30/WITH SILVER DOWN 23 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1.02 MILLION OZ INTO THE SLV////INVENTORY RESTS AT 553.297 MILLION OZ//

JULY 29/WITH SILVER UP 86 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 3.151 MILLION OZ//INVENTORY RESTS AT 552.277 MILLION OZ..

JULY 28/WITH SILVER UP 20 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 555.428 MILLION OZ//

JULY 27/WITH SILVER DOWN 64 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 555.428 MILLION OZ..

JULY 26/WITH SILVER UP 7 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 555.428 MILLION OZ.

JULY 23/WITH SILVER DOWN 11 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 555.428 MILLION OZ.

JULY 22/WITH SILVER UP 10 CENTS TODAY: A HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A PAPER WITHDRAWAL OF 1.483 MILLION OZ FROM THE SLV/////INVENTORY RESTS AT 555.428 MILLION OZ..

JULY 21/WITH SILVER UP 25 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 556.911 MILLION OZ//

 
 

SLV INVENTORY RESTS TONIGHT AT

SEPT 15/2021      544.624 MILLION OZ

 
 

PHYSICAL GOLD/SILVER STORIES

Peter Schiff

Incentives Matter: Unemployment Edition

 
WEDNESDAY, SEP 15, 2021 – 11:25 AM

Via SchiffGold.com,

Both Janet Yellen and Joe Biden insisted “enhanced” unemployment benefits weren’t incentivizing people not to work.

The numbers prove them wrong.

In a podcast, Peter Schiff said the notion that generous unemployment benefits weren’t motivating people to remain unemployed was absurd.

Only government economists could fail to understand this obvious relationship. There is a preference for leisure over work. People would prefer to have leisure than work. The only reason they give up their leisure to work is because they need the money. Because otherwise, they can’t pay their bills. They can’t pay the rent. They can’t put food on the table. So, even though they would prefer leisure, they have to work. Well, if the government says, ‘No, you don’t have to work. You can have the leisure that you prefer and we’ll replace your lost income. In fact, we will actually give you more money to take a vacation than what you would earn if you gave up that vacation and went back to work.’ How can anybody not realize that there is a link here between these lucrative payments not to work and so many people choosing not to work?”

And the numbers prove him correct.

The labor market has been out of whack for months. With the US government handing out enhanced unemployment checks, we ended up in a bizarre situation with high unemployment even as job openings hit record levels. Recently, some states have rolled back those unemployment benefits, and unsurprisingly, unemployment has dropped more quickly in those states than in those that retained the enhanced benefits.

WolfStreet did an analysis of continuing unemployment claims released on Sept. 2. “Continued claims” include people who have been on unemployment for at least one week. A drop in that number indicates people have gone back to work.

Since the end of June, continuing claims nationally have dropped by 20% to 2.62 million people. That’s the lowest level since March 2020.

More significantly, continuing claims have dropped more than twice as fast in red states that cut the extra $300 per week from their unemployment benefit.

In states that ended enhanced benefits, continuing claims dropped by 32%.

In states that kept the enhanced benefits in place, continuing claims dropped by just 14%.

The first group of states ended enhanced unemployment in early June. Florida and Texas joined them at the end of June.

WolfStreet isn’t alone in reaching the conclusion that enhanced benefits also enhance unemployment. The Wall Street Journal reported on Goldman Sachs’ economists who scrutinized the behavior of workers in the July jobs report. Adjusting for age, gender, marital status, education and household income, they found “clear evidence that benefit expiration increased the rate at which unemployed workers became employed.”

Goldman Sachs estimated that if all states had ended benefits, July payroll growth would have been 400,000 stronger. Economists at the firm projected the nationwide benefit cutoff this month will account for 1.5 million job gains through the end of the year.”

This shouldn’t come as a shock. As economist Paul Prentice pointed out, you always get more of whatever you incentivize and less of what you disincentivize.

The supplemental unemployment payment does both—it incentivizes people not to work, and simultaneously disincentivizes them from working.”

As WolfStreet explained, anybody trying to hire employees has figured out “in their gut” that part of the “labor shortage” is due to government incentives not to work “with the extra $300 a week in benefits, on top of the state benefits, on top of not having to pay rent due to the eviction moratoriums, or not having to make mortgage payments due to the forbearance programs. The extra $300 a week was designed to allow people to pay for housing, and then they didn’t have to pay for housing either.”

The bottom line is you can ignore the laws of economics. But you can’t ignore the consequences of ignoring the laws of economics.

end

Peter Schiff: “You Can’t Solve Climate Change By Creating Inflation”

 
WEDNESDAY, SEP 15, 2021 – 12:52 PM

Submitted by Quoth the Raven from QTR’s “Fringe Finance” at http://quoththeraven.substack.com,

This is an exclusive interview with Peter Schiff. Peter is an economist, financial broker/dealer, author, frequent guest on national news, and host of the Peter Schiff Show Podcast.

Q: Hi Peter, thanks for taking the time today. I first wanted to ask what you thought about AOC and Rashida Tlaib calling for Fed Chair Jerome Powell’s resignation in favor of a Fed chair focused on climate change and racial justice?

I’m no fan of Powell, but such a replacement would be even worse. You can’t solve climate change or advance justice by creating inflation, which is the only power the Fed has. Of course inflation can blow asset bubbles, widen wealth inequality, badly distort an economy, and lower living standards, but I don’t see how that helps the climate or make anything more just.

What is the supposed purpose to the Fed’s objectivity? Why shouldn’t it be involved in these issues?

Monetary policy has no effect on these issues. The Fed’s main role should be preserving the purchasing power of the dollar. It’s current official role is price stability (now defined as annual inflation above 2%, and full employment , which is impossible to define). Even that is too broad, but adding these other goals would be an even bigger disaster.

How politicized do you think the Fed is at this point in time?

The Fed is completely politicized. Independence is a sham. All policy is politically, rather than economically, motivated. Also the Fed is not partisan. It works to help reelect whatever party holds the White House.

If we got a more dovish Fed chair and went full MMT, how would gold respond?

Gold should already be much higher given the current dovish policy.

The reason it’s not is that markets still incorrectly expect the Fed to successfully fight inflation. Obviously going full MMT might change those expectations. But either way the markets will get much more inflation than they expect. MMT will just make inflation much worse, and send the price of gold much higher.

What do you make of the state of mainstream financial journalism? Do you think it’ll eventually be swallowed by independent content creators like yourself?

I think mainstream journalism is far too political, and no longer really qualifies as journalism. So I agree, the future of real journalism lies with independent content creators.

What are your thoughts about the changing Covid vaccine narrative? Are you vaccinated? Why did you or didn’t you get the jab?

I am vaccinated. I’m 58. I think the case for young, health people getting vaccinated, or those who have already developed natural immunity through prior Coivd infection, is highly exaggerated, and being advanced for political purposes and by big pharma with political connection and control over a corrupt FDA.

What are your thoughts of the CDC trying to stop people from being evicted for not paying rent?

This is completely unconstitutional. Landlords are being illegally deprived of their property without due process or just compensation. The long-term result will be a reduced supply or low and moderate income rental housing, and much higher rents for those properties that remain on the market.

Thanks, Peter.

(You can read additional content and interviews at QTR’s “Fringe Finance”. Zerohedge readers get 10% off an annual subscription to my blog, Fringe Finance, by using this special link here.)

EGON VON GREYERZ//MATHEW PIEPENBERG/JIM RICKARDS/PAM AND RUSS MARTENS

Nothing Is Real: A Visual Journey Through Market Absurdity

 
WEDNESDAY, SEP 15, 2021 – 06:30 AM

Authored by Matthew Piepenburg via GoldSwitzerland.com,

When it comes to modern markets, risk assets and the now normalized yet twisted tango of fiscal and monetary policy gone wild, it’s safe (rather than sensational) to simply confess that nothing is real.

As I recently watched BTC drop by 16% in one hour from $50K to $43K, only to reach back up to $46K in 20 minutes, my 20+ years of Wall Street experience watched with bemused yet experienced awe at what amounted to just another day of leverage, emotion and institutionalized front-running as the big money whales in crypto pulled off yet another media and SEC-ignored pump-dump-and-pump trade. 

In short, the unreal has simply become business as usual.

Real Education vs. Surreal Facts

By 1997, I had graduated from a steady, iconic and expensive list of higher educational institutions which emphasized critical thinking, objective data, historical context and basic math.

But had I told a single professor back then that one day we’d see the simultaneous occurrence of Treasury Yields at 1.35%, and

….an “official” YoY CPI (inflation) growth rate of 5.4%, and

…an S&P reaching all-time highs above 4000,

…despite negative annual GDP rates, and

… consumer sentiment tanking,

… it’s likely they’d ask me to return my diplomas.

Why?

Because everything I (and all the rest of us) had been taught long ago was that rising risk assets reflect healthy economic growth, vigorous natural demand and a robust confidence in continued productivity and hence free-market price discovery.

That, at least, was the “reality” that nine years of secondary (post high-school) education gave me before I began my first toe-dip into the public exchanges (i.e., asset bubbles) of 1999.

Experience vs. Theory  

What did I learn after watching the NASDAQ rise to the moon in 2000 before puking by greater than 80% in 2003, and a sub-prime bubble that had investors giddy in 2006 yet on their knees by the autumn of 2008, or far more recently, a decade+ bull market hitting needle-peak highs on the backs $28T in national debt and a Fed balance sheet that had bloated from $800 billion in 2000 to over $7 trillion by 2020?

The answer is simple: Nothing I learned in school was “real” and nothing about our current moment in time has even the slightest resemblance to anything remotely characterized as natural, free-market or fair-price-driven.

Nothing. Not even close.

Instead, we live in a dystopian world of engineered markets, centralized economies and dis-information in which extreme money creation by 5 central banks have increased their balance sheets by 12X like this

…leading to un-natural (i.e., “accommodated”) credit markets in which sovereign bonds offer negative (and technically defaulting) yields like this

…which makes the cost of debt free for a select minority, allowing corporations and their grossly advantaged and over-paid executives to live (and bloat) off their own stock buy-backs at levels this

…which directly results in central-bank-created risk asset bubbles like this

…in which greater than 86% of that market wealth is enjoyed by just the top 10% of the population, leading to wealth disparity at record levels like this

…while the self-serving central bankers like this…

…who directly caused this historical distortion of capitalism, congratulate themselves on hubris-saturated book tours like this

… or subsequently become the directors of Treasury Departments like this.

Mass Media, Mass (and Deliberate) Hysteria

Meanwhile, a feckless media owned by just a handful of corporate boards with direct ties to governments, tech billionaires, bad Davos skiers and Wall Street, and which more resemble the “nothing is real” propaganda profiles of Joseph Goebbels and Pravda than the “truth to power” stewards of Woodward and Bernstein, continue to headline tweets from crypto front-runners likeMusk or fear-porn mask mandates for children from a locked-down Sydney to a head-down New York.

All this, despite the confirmed science that children present near zero risk of serious illness from a global flu whose case fatality rates are less than ½ of 1 percent.

Crazy.

But as every tyrannical, autocratic and corrupt regime has always perfectly understood, when the truth is a threat, feed the masses fear, anger and lies instead.

This is history 101 for anyone who reads a book rather than tweet.

But rather than rage against the architects of so much distortion of honesty, math, science and social contracts, the media and policy makers distract the masses with bread, circus, fear and anger, stoking the fires of racial division and invisible death from above, pointing their woke and increasingly sanctimonious fingers at everything from a rapidly defunded police force to the “criminally selfish unvaccinated” who apparently live in caves and don’t believe in science or their fellow man.

Meanwhile, that oxymoron otherwise known as “modern culture” (rich in opinions but poor in questioning or earning them) cancels everything from Little House on the Prairie and Dr. Seuss to Robert E. Lee’s statue in Richmond, Virginia.

Sadly, however, if the broke and legitimately angry masses in the new feudalism now somehow passing for capitalism or constitutional democracy (at least the kind I studied in law school) were informed rather than just frustrated and manipulated, then instead of blaming these angry and easy-to-denounce faces

…they could simply blame the smug and harder to justify faces of anti-heroes like this

…or this

…or this:

Returning to the Nonsense

For now, the pablum and doublespeak from these so-called experts continues to float like jetsam from the polluted currents flowing out of an increasingly discredited FOMC as the markets pretend to brace themselves for a potential “tapering” of the otherwise blatant money addiction (and counterfeiting) still masquerading as policy support.

Angry crowds, however, typically have no time for hard policy facts, economic history or founding father ideals; instead, they are educated by 50 word-count tweets and the latest celebrity wisdom or virtue-signaled headline. It is easier to live as though nothing is real

Unknown to many in those angry crowds gathering around Robert E. Lee or Dr Seuss, for example, the Atlanta Fed just cut its q3 GDP forecast by 50% in matter of days.

From where I sit in terms of both history and economics (at least until these subjects are equally “canceled” from the modern curriculum), falling GDP as indicated above effects all our lives far more than falling statues or controversial children’s books.

But as we’ve written so many times, the powers-that-be are clever little foxes, and even crashing GDP and skyrocketing debt, which are objectively time-proven cancers for society, can be a boon for their false narrative of governmental or central bank “guidance,” which is nothing more than increasing social control hiding behind a Covid mask.

Debt to GDP: The New Distortion

After all, one way to address the appalling 135% debt to GDP ratio in the U.S.  is to simply reduce the productivity component rather than debt component of the ratio, akin to telling a man with only one arm that his shirts will fit better if we remove the remaining arm.

A “bad” debt to GDP figure is just veiled anchoring for more QE “stimulus” and more ludicrous fiscal spending of money which governments don’t in fact have but which a mouse-click at the Eccles Building can produce in seconds.

In simple speak, this latest GDP “bad news” looks like an open as well as carefully planned piece of “good news” for a QE-addicted, fully Fed-supported and ultimately rigged to fail stock bubble.

The Pointless Taper Debate

As for Fed tapering, even the hawks at that same Atlanta Fed can’t keep their message or ethics straight for more than a week.

Nothing at all shocking or new there…

Another Fed Two-Step

Back in August (8/27), for example, Atlanta Fed President, Raphael Bostic, bravely declared: “Let’s start the taper and let’s do it quickly.”

But fast forward just a few days to September 2, and that same Fed President, like so many other fork-tongued masters of doublespeak within the FOMC, back peddled with fabulous elan, declaring instead that “we’re going to let the economy continue to run until we see signs of inflation.”

The amount of “duplicitous dumb” within this single sentence defies both belief and this report’s word count, but for simplicity’s sake, and despite “signs of inflation” literally everywhere, Bostic’s latest semantic two-step translates to this: Don’t expect a “taper” of the free money spigot anytime soon.

Besides, and as we wrote last week, even if a “taper” in Fed QE were to occur, such hawkish optics won’t stop the Fed from dumping ever-more dovish liquidity into the system via clever little tricks up the sleeves of its Reverse Repo Program.

In short, the Standing Repo Facility (or SRF) is just QE by another clever acronym, so please: Don’t let the headlines or double-speak from above fool you.

Taper or no taper, the dollar in your wallet is about to drown under even more currency-killing liquidity from on high.

In short, nothing is real.

OR LAWRIE WILLIAMS

LAWRIE WILLIAMS: Gold and silver

-END-

ii) Important gold commentaries courtesy of GATA/Chris Powell

end

OTHER PHYSICAL STORIES//COMMODITIES/SHIPPING

URANIUM

As Sprott Goes “Hunt Brothers” On Uranium, A Copycat Joins The Squeeze To Force An Explosive Move Higher

 
WEDNESDAY, SEP 15, 2021 – 11:44 AM

Exactly two weeks ago, we laid out the investment thesis for what our friends at Adventures in Capitalism dubbed was a “bitcoin-like opportunity in Uranium.” In a nutshell, in mid-August, the Sprott Physical Uranium Trust, then roughly $300 million, announced that it would unleash an unprecedented buying spree in physical uranium, a relatively small market, in hopes of forcing a physical shortage and sending the price of urnium higher, leading to more buying of the Trust, more purchases of uranium, even higher prices and so on.

While some voiced concerns that this strategy was similar to what the Hunt Brothers tries to do with silver back in 1980, when the precious metal rose tenfold in months only to crush just as rapidly once the market became “uncornered”  there are several distinct differences between what the Hunts and Sprott are doing (most notably the inability by producers to rapidly flood physical to meet demand, as well as the lack of a sizable paper market to short the move) so far – less than a month later – Sprott’s strategy has proven extremely successful, so much so that the Canadian asset manager upsized the size of its Trust from $300MM to $1.3BN… and just this morning got its first copycat, Uranium Royalty Corp (UROY) which this morning announced that it was taking a page out of the Sprott book and would expand its physical uranium holdings to 648,068 pounds.

But before we get there, a quick excerpt from a report this week by Bank of America which has broken down the Sprott strategy and discussed how it will impact the price of uranium going forward, and why it just hiked its price target for Cameco by 45% to $29/share

SPUT/Byron/Dresden add 4% to global demand, PO upped

Uranium (U3O8) purchased by the Sprott Physical Uranium Trust (SPUT) since launching an at-the-market (ATM) equity program on August 17th has added 3% to global demand. This is 52% annualized, or $4bn at flat prices. Prices have risen 42% to $43.75/lb. A supply response is likely but might take time and more SPUT buying is likely, we think. The Illinois House and Senate approved funding to keep the Byron & Dresden nuclear plants from closing. We add both back to our model, increasing annual U3O8 demand by 1.1%. We increase 2021E-2023E U3O8 prices by 18%, 41% and 18% to $36.30, $53.50 and $48.50/b. We raise our price objective (PO) for Cameco (CCO) by 45% to C$36.25/sh ($29/sh), CCO: Neutral as we think outlook is mostly reflected in the shares.

SPUT ATM funding increased to $1.3bn

SPUT has raised roughly $245mn of the $300mn maximum set-out under its ATM program. On Friday, SPUT obtained approval to increase the maximum to $1.3bn. The limiting factor on future SPUT capital raises is market demand for its units, which appears to us to be strong and correlated to SPUT’s ability to continue pushing up uranium prices. Given the relatively small size of the U3O8 spot market (~$2.7bn in 2020, unadjusted for churn), SPUT buying should push spot prices still higher, until supply responds or the price gets high enough to spook investor demand for SPUT units.

So the weakest link in the Sprott strategy is how quickly will incremental supply come on line. The good news for Sprott is that, at least according to BofA, it won’t be for some time.

A supply response is likely but not immediately

U3O8 held by junior miners and hedge funds, uncommitted supply from producers and a reversal of carry trades are among potential near-term sources of new market supply. Potentially larger sources are 58Mlbs of idled production capacity and 16.8Mlbs of unutilized capacity in Kazakhstan. However, a large majority of this is unlikely to respond without long-term contracts and would require six or more months to ramp-up.

UxC estimates that hedge funds hold around 11Mlbs of U3O8 that was mostly purchased in 2018 and 2019 when prices averaged just $24.61/lb and $25.84/lb vs. the current spot price of $43.75/lb.

There can be many sources of uncommitted supply with BHP’s Olympic Dam (8-10Mlbs annually) and the Navoi mines in Uzbekistan (9Mlbs annually) the usual candidates. Other less obvious sources also exist. For example, we estimate that in H1’21, China imported nearly 21Mlbs of U3O8 which equates to approximately 82% of the country’s 2021E reactor requirements. In addition, Chinese utilities are estimated to hold as high as or more than 460Mlbs of U3O8 inventory, sufficient to cover expected requirements for the next 11 years. As prices rise we see the possibility for some of the U3O8 produced in Chinese owned mines outside of China to be sold into the spot market. We estimate that in H2’21, Chinese owned mines outside of China will produce roughly 8Mlbs of U3O8. We do not expect Chinese inventories to be sold, however. Those are considered strategic.

Kazakhstan under-utilizing capacity: In Kazakhstan, the world’s largest U3O8 producing nation, there are several uranium mines now producing below capacity. On a 100% basis, these mines have a capacity of around 75.4Mlbs but we forecast them producing 58.6Mlbs in 2021E, leaving 16.8Mlbs of additional production potential trough flexing up utilization. However, similar to Cameco, Kazatomprom has indicated it will not flex up its production until they are signing long-term contracts and the price is fair. The latter condition may now be realized, the former remains to be seen. We think KAP sees $40-$45/lb as fair pricing.

Idled capacity is substantial but a majority is disciplined: According to data compiled by the World Nuclear Association (WNA), there is 54.4Mlbs of idled capacity. Cameco, which controls 58% of this idled capacity, has indicated it must fill its contract book at attractive pricing before it will restart McArthur River and has indicated that very high prices would be necessary to restart Rabbit Lake. The price indicated by Cameco for a McArthur restart is $40/lb or greater. Paladin has suggested a similar approach with its Langer Heinrich mine which accounts for another 11% of this idled capacity. Of the remaining 31% of potentially undisciplined producers only 17% (8.9Mlbs) is profitable at the current spot price on a full cost basis. However, much of this potentially undisciplined production will soon be profitable as prices rise.

But while we wait for supply to rise, one thing is clear: producers – such as Cameco – will benefit when utilities re-enter the market, to wit:

The higher spot price means produced supply is more competitive vs. the carry trade, presenting an opportunity for longer-term contracting. When utilities re-enter the term market, existing producers should benefit. Will utilities enter the term market this week as they have historically? Likely, but volumes are uncertain and coverage is solid.

Of course, much of the production on the cost curve would require far higher prices to be profitable. The chart below shows the estimated 2021 global uranium industry cost curve. Full costs include all mining, processing and site G&A costs as well as sustaining capex. Sunk costs and a rates of return are excluded. The exhibit shows that our long-term U3O8 price forecast of $47/lb is in line with the 90th percentile on the cost curve.

In other words, there is some marginal supply available but the price of uranium will have to rise well above $60 for it to be accessible. Today uranium is trading around $46, up almost 50% since Sprott launched his buying vehicle.

And while utilities are currently well-covered, NPP life extension may change that substantially. As BofA notes, “US utilities have the best contract coverage in 30 years. In the EU coverage is even better. We think utilities thus have bargaining power even with much higher spot prices and see contract prices that are lower (closer to our $47/lb long-term price). Yet, potential nuclear plant life extensions like Byron and Dresden will mean less inventory and contract coverage. We lower our 2021E loss per share (LPS) to $0.45 from $0.22, raise 2022E EPS to $0.25 from $0.08 and raise 2023E EPS to $0.59 from $0.20. Using a net asset value approach, CCO shares imply a $50/lb U3O8 price.”

So what does all this mean for the industry? In a nutshell, sharply higher prices: here is BofA.

Given that we think there will be at the minimum a sustained bid in the spot market for U3O8 from SPUT combined with already tightening markets and the addition of Byron and Dresden to our demand forecast, we raise our 2021E to 2023E U3O8 price forecasts by 18%, 41% and 18% to $36.30, $53.50 and $48.50/b. Our long-term price is pushed to 2026E from 2025E and increased to $47/lb supported by an updated production cost curve. Our view is that prices will continue rising but peak in Q1’22 as plans for productive supply responses are revealed. We expect CCO to restart McArthur River in 2023E at a capacity utilization of around 30% and steadily ramp up from there.

A key driver of how fast uranium prices normalize will be the response time at the world’s largest miner, Cameco, which according to BofA is “the only large, liquid, US listed vehicle for exposure to uranium.” As BofA notes, “we are now assuming that CCO restarts it McArthur River mine, the largest uranium mine in the world at annual production of 25Mlbs, in 2023E. However, we see a very gradual restart with capacity utilization of just 30% in 2023E, 50% in 2024E to 2026E and then 100% from 2026E onward.

To be sure, Cameco will be asking itself does it want to produce more and lower both the price of uranium and its stock, or take its time with ramping production. One look at the recent action of the OPEC+ cartel should give an indication as to what it may do.

In other words, we do not expect major downward pressure on either the price of uranium or CCJ for the foreseeable future, something which even retail investors have now grasped making CCJ the most actively discussed name on the WallStreetBets forum a few days ago.

So with all that in mind, we look at what appears to be the first Sprott copycat to emerge in the past month, namely Uranium Royalty, which has surged as much as 18% after announcing that it’s entered into contracts for three additional spot purchases totaling 300,000 pounds of uranium, noting that the average cost of the purchases is $38.17 per pound, a number which is already a substantial discount to today’s price.

Following completion of the deliveries, URC CN will hold a physical inventory of 648,068 pounds of uranium at a weighted average cost of $33.10 per pound. More from the press release:

It is within URC’s mandate to make periodic purchases of physical uranium to provide attractive commodity price exposure to shareholders, especially in these early stages of a bull market in uranium. The global mega-trend towards de-carbonization is providing a major catalyst for carbon-free, safe, and reliable nuclear energy. The supply and demand fundamentals for uranium continue to improve, with demand for uranium now exceeding pre-Fukushima levels and global mine production (128 million pounds) expected to lag global consumption (191 million pounds) by 63 million pounds in 2021 (UxC data – Q3 2021 report).

This is the 5th year of the production/consumption gap which has had a positive impact on drawing down excess market inventories. The purchasing activities of producers and financial entities, like the Sprott Physical Uranium Trust have accelerated this rebalancing as of late, resulting in a 49% rise in the spot price in the past five weeks.

As Sprott continues to upsize its physical uranium fund to meet growing demand, and as the price of both uranium and producers continues to rise, expect many more tactical and strategic buyers of uranium to emerge as suddenly Uranium is the new silver and everyone is hoping to be the new Hunt Brothers.

 
 
CRYPTOCURRENCIES/
 
end
 

Your early WEDNESDAY morning currency, Asian stock market results, important USA/Asian currency crosses, gold/silver pricing overnight along with the price of oil Major stories overnight/7 AM EST

i) Chinese yuan vs usa dollar/CLOSED DOWN AT 6.4333 

//OFFSHORE YUAN 6.4302  /shanghai bourse CLOSED DOWN 6.38 PTS OR 0.17% 

HANG SANG CLOSED DOWN 469.02 PTS OR 1.84 %

2. Nikkei closed UP 158.39 PTS OR 0.52% 

3. Europe stocks  ALL RED

USA dollar INDEX UP TO  92.45/Euro RISES TO 1.1828

3b Japan 10 YR bond yield: FALLS TO. +.036/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 110.12/ THIS IS TROUBLESOME AS BANK OF JAPAN IS RUNNING OUT OF BONDS TO BUY./JAPAN 10 YR YIELD IS NOW TARGETED AT .11%/JAPAN LOSING CONTROL OF THEIR BOND MARKET//CARRY TRADERS GETTING KILLED

3c Nikkei now JUST ABOVE 17,000

3d USA/Yen rate now well below the important 120 barrier this morning

3e WTI:: 71.46 and Brent: 74.74

3f Gold UP/JAPANESE Yen UP CHINESE YUAN:   ON -SHORE CLOSED UP//  OFF- SHORE: UP

3g Japan is to buy the equivalent of 108 billion uSA dollars worth of bond per month or $1.3 trillion. Japan’s GDP equals 5 trillion usa./“HELICOPTER MONEY” OFF THE TABLE FOR NOW /REVERSE OPERATION TWIST ON THE BONDS: PURCHASE OF LONG BONDS AND SELLING THE SHORT END

Japan to buy 100% of all new Japanese debt and by 2018 they will have 25% of all Japanese debt. Fifty percent of Japanese budget financed with debt.

3h Oil UP for WTI and UP FOR Brent this morning

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund FALLS TO -.336%/Italian 10 Yr bond yield FALLS to 0.67% /SPAIN 10 YR BOND YIELD UP TO 0.32%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.04: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 0.76

3k Gold at $1801.65 silver at: 23.78   7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3l USA vs Russian rouble; (Russian rouble UP 33/100 in roubles/dollar) 72.74

3m oil into the 71 dollar handle for WTI and  74 handle for Brent/

3n Higher foreign deposits out of China sees huge risk of outflows and a currency depreciation. This can spell financial disaster for the rest of the world/

JAPAN ON JAN 29.2016 INITIATES NIRP. THIS MORNING THEY SIGNAL THEY MAY END NIRP. TODAY THE USA/YEN TRADES TO 109.13 DESTROYING JAPANESE CITIZENS WITH HIGHER FOOD INFLATION

30 SNB (Swiss National Bank) still intervening again in the markets driving down the FRANC. It is not working: USA/SF this morning .9169 as the Swiss Franc is still rising against most currencies. Euro vs SF 1.0845 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

3p BRITAIN VOTES AFFIRMATIVE BREXIT/LOWER PARLIAMENT APPROVES BREXIT COMMENCEMENT/ARTICLE 50 COMMENCES MARCH 29/2017

3r the 10 Year German bund now NEGATIVE territory with the 10 year FALLING to 0.334%

The bank withdrawals were causing massive hardship to the Greek bank. the Greek referendum voted overwhelming “NO”. Next step for Greece will be the recapitalization of the banks and that will be difficult.

4. USA 10 year treasury bond at 1.2666% early this morning. Thirty year rate at 1.832%

5. Details Ransquawk, Bloomberg, Deutsche bank/Jim Reid.

6.  TURKISH LIRA:  UP  TO 8.44..  VERY DEADLY

Futures Fade As Dismal China News Steamrolls Sentiment

 
WEDNESDAY, SEP 15, 2021 – 07:55 AM

While Microsoft did everything it could to halt the recent market drop which has dragged stocks lower on 6 of the past 7 days with its surprising announcement of a record, $60 billion stock buyback, the latest dismal data from China which missed across the board with retail sales, industrial production, fixed investment, property sales and investment all came in worse than expected, with retail sales growing at the slowest pace since August 2020 while industrial output also rose at a weaker pace from July…

… left a sour taste in the market, and left futures trading just barely in the green, higher by 0.1%, while Asia stocks dropped as weak Chinese economic data reinforced worries about slowing growth globally as well as in the world’s second-biggest economy amid fraught nerves over a still-dominant pandemic and tapering of central banks’ stimulus; European markets lacked direction. S&P 500 E-minis were up 5 points, or 0.11% at 07:20 am ET, Dow E-minis were down 16 points, or 0.04%, while Nasdaq 100 E-minis were up 28 points, or 0.18%. The dollar was steady and oil gained.

Economically sensitive sectors such as energy and financials rose in pre-market trading after largely underperforming their peers in the previous session. Apple rose around 0.5% in premarket trading, after tumbling 1% in the last session on a disappointed response to the unveiling of its Phone 13 and a new iPad mini. U.S.-listed Chinese stocks extended recent losses as weak retail sales data pointed to a possible economic slowdown in the mainland. Casino companies fell in pre-market trading after Chinese officials said they would change regulations to tighten restrictions on operators. Here are some of the biggest movers today:

  • Las Vegas Sands (LVS), MGM Resorts (MGM), Melco Resorts (MLCO), Wynn Resorts (WYNN) fall between 5% and 8% in U.S. premarkettrading after Macau officials said they would change casino regulations to tighten restrictions on operators, including appointing government representatives to “supervise” companies in the world’s biggest gaming hub
  • Apple (AAPL) up 0.5% after its iPhone 13 launch Tuesday. Analysts say the product launch was mostly as expected and lacked anything revolutionary, though the new range should underpin the upgrade cycle for its products
  • Kaival Brands (KAVL) shares sink 30% in U.S. premarket trading after the distributor of Bidi Vapor products cut its sales outlook for the year following an “extremely challenging” 3Q.
  • Skillsoft (SKIL) gained 4.5% in extended trading from Tuesday after the digital learning company boosted its full-year adjusted revenue and bookings outlook
  • MeaTech 3D (MITC) jumped jumped 17% premarket after the producer of cultured meat said its Belgian subsidiary produced over 700 grams of “pure chicken fat biomass” in a single production run
  • DavidsTea (DTEA) tumbled 25% postmarket from Tuesday after the tea retailer said its ecommerce and wholesale sales fell by nearly one-third in its fiscal second quarter.

The S&P 500 sank to a more than three-week low on Tuesday, while the Dow hit a near two-month trough as investors fretted over the potential impact of a tax hike on corporate profits. While signs of slowing inflation have made early tapering by the Federal Reserve seem unlikely, it raised the question of when exactly the bank would begin scaling back its massive pandemic-induced stimulus plan. Tuesday’s weaker than expected US inflation print could be seen as reducing pressure on the Federal Reserve to start pulling back on loose monetary policy, investors remain wary of a range of obstacles. These include the impact of the delta virus variant and rising costs on economic reopening, as well as China’s drive to rein in private industries.

“It is hard to argue at this point that it remains entirely transitory,” Dana D’Auria, Envestnet Inc. co-chief investment officer, said on Bloomberg Television, referring to U.S inflation. “You couple that with that fact that there are still all these supply shocks that we are still working through. I think the markets are going to have to feel the pain.” Going into the year-end, investors will also have to digest debate around the U.S. debt ceiling, President Joe Biden’s tax package, infrastructure spending and Fed tapering, she added.

“There is uncertainty in markets at the moment as investors wait to see what the Federal Reserve will do about tapering their asset purchases, which depends on the state of the labour market and the inflation situation,” said Sean Debow Asia CEO of Eurizon Asset Management.

Elsewhere, a growing debt crisis in China’s biggest and most indebted property developer, China Evergrande Group, has raised fears of a possible impact to major lenders whose stocks tumbled on Wednesday, 13 years after the failure of Lehman. And speaking of China, overnight the FT reported that Joe Biden suggested the possibility of an in-person meeting with Xi Jinping during a phone call last week, but the Chinese President snubbed the US president and declined to commit.

“The Asian banks will get hit hard if there’s a default, but then there will be a 10-year recovery process. The market’s getting a hang of it. The way they’ve managed the news flow seems quite clever. They haven’t let a swathe of bad news at once,” said Keith Temperton, sales trader at Forte Securities. Concerns over Evergrande’s default have further dented appetite for Chinese stocks, after a series of regulatory moves by Beijing against major technology firms wiped out billions in market value this year.

In Europe, the Stoxx 600 Index was 0.4% lower with British stocks outperforming after U.K. inflation surged more than expected. Travel and retail stocks led the retreat in the Stoxx 600 with H&M falling the most since July after missing sales estimates. Energy shares gained as oil extended an advance. Here are some of the biggest European movers today:

  • Kinepolis shares rise as much as 7.1%, gaining for a third day, after Disney unveiled plans for exclusive theatrical release windows for the remainder of its 2021 slate of films.
  • Swedish Match advances as much as 4.4% after the company said preparations are underway for a separation and a subsequent listing of its cigar business on a major U.S. securities exchange.
  • Maersk gains as much as 2.5% after it agreed to buy a Portuguese startup specializing in logistics for the fashion industry and plans to use its technology more widely.
  • Just Eat drops as much as 4.9% in Amsterdam after rival Deliveroo unveiled a new partnership with Amazon in the U.K.
  • EasyJet falls as much as 4.4% after it said it is addressing a “technical issue” after some users reported being unable to access its website and app
  • Travis Perkins declines as much as 4.9% after BofA Global Research cut its recommendation to neutral from buy.

Earlier in the session, Asian stocks also dropped, hurt by a selloff in Macau casino operators over fears of tighter regulations and declines in Japanese equities. The MSCI Asia Pacific Index fell as much as 1%, extending earlier losses after the release of the Chinese data, while Tokyo’s Nikkei shed 0.89%, moving off a more than 31-year closing-high the day before. Sands China, Wynn Macau and Galaxy Entertainment Group all plunged to lead decliners on the gauge Wednesday. Asian markets dropped after reports showed China’s economy took a knock in August; Chinese tech stocks declined again as the government scrutiny on casinos also fueled concerns that Beijing was strengthening its broader regulatory crackdown. The Hong Kong benchmark shed 0.87% dragged down by casino stocks as the gaming hub of Macau begins a consultation ahead of a closely watched rebidding of its multi-billion dollar casinos next year. read more. Shares of Wynn Macau (1128.HK) at one point were down more than 30%.

“China’s continued regulatory crackdown alongside disappointing retail sales and industrial production from the region have significantly contributed in extending yesterday’s losses on stocks,” said Pierre Veyret, technical analyst at ActivTrades. 

China’s banks and property stocks also slid after news that Chinese authorities told major lenders to China Evergrande Group not to expect interest payments due next week. Evergrande’s stock in Hong Kong is down by ~5%. It has already been a tough day for Chinese-related equities with severe pain for Macau casino names and more weakness in the tech sector. The CSI 300 index is heading for a third successive loss and even the Hang Seng could be heading below 25,000.

Japanese shares, which have led gains in Asia this month on expectations of favorable policy changes following Prime Minister Yoshihide Suga’s decision to resign, were among the region’s biggest losers Wednesday and halted a three-day rally and pulling the Nikkei 225 Stock Average down from its highest level since 1990. The Nikkei225  declined 0.5% to 30,511.71 at 3 p.m. in Tokyo, retreating from a 31-year closing high of 30,670.10 reached yesterday. The Nikkei 225’s relative strength index — a momentum indicator that can act as a gauge of how overbought or oversold an asset is — had hit the highest since January. 

“Investors have priced in much of expectation for the leadership change and coronavirus infections slowing in the country,” said Naoki Fujiwara, chief fund manager at Shinkin Asset Management Co. Sentiment was also impacted by data showing China’s economy weakened further in August, as stringent virus controls curbed consumer spending and travel during the peak summer holiday break

“There will be profit taking on stocks that have kept on rising,” said Mitsushige Akino, a senior executive officer at Ichiyoshi Asset Management Co. in Tokyo. “But the downside will likely remain supported by foreigners who are either covering their shorts or adjusting their portfolio allocation in equities to Japan from the U.S.”

The Topix fell 1.1% to 2,096.39. SoftBank Group Corp. contributed the most to the benchmark’s decline, decreasing 5.8%. Out of 2,184 shares in the index, 327 rose and 1,782 fell, while 75 were unchanged. Nikkei Climb Calls to Mind Memories of 1989 Peak: Taking Stock Masahiro Ichikawa, the chief market strategist at Sumitomo Mitsui DS Asset Management Co., pointed out Tuesday that Japanese stocks could retreat as the market appeared to be “overheating”. Once an adjustment is complete, the gains could resume, he said.

In FX, the Bloomberg Dollar Spot Index fell for the first day in four and the greenback weakened against all of its Group-of-10 peers. The yen advanced to its highest level in a month as disappointing China data added to concerns on the global economy. China’s retail-sales growth slumped in August and industrial output rose less than economists forecast after the government imposed stringent measures to contain a Covid outbreak. The euro advanced after earlier hovering around $1.18 handle; the currency is going nowhere fast, at least until the Federal Reserve and the European Central Bank hold their policy meetings in December. Norway’s krone rallied, following a recent pattern of strengthening as European session begins. The pound inched up after U.K. inflation surged more than expected to the strongest pace in more than nine years, prompting investors to anticipate a sharper increase in interest rates in 2022. Consumer prices jumped 3.2% in August from a year ago. Money markets now see an additional quarter-of-a-percentage- point of Bank of England tightening by December 2022, on top of a 15-basis-point hike that was already priced for May. Australian and New Zealand dollars recovered after earlier falling to a session low as the disappointing Chinese data weighed further on global stocks and sentiment.

In rates, 10-year TSY yields traded around 1.27%, richer by 1.7bp on the day and outperforming bunds, gilts each by ~1.2bp; long-end-led gains flatten 2s10s, 5s30s spreads by ~2bp; 5s30s briefly is below 105bp for the first time since August 2020. The curve extended its post-CPI flattening move as long-end yields trade ~3bp richer vs Wednesday’s close as U.S. session begins. European bonds lag, including gilts, which trade heavy across front-end after strong August inflation data. Overnight block trades included weighted FV/WN for $515k/DV01 at 11:39pm (09/14), which appeared consistent with a flattener.

In commodities, oil prices gained on a larger than expected drawdown in crude oil stocks in the United States, with U.S. crude gaining 0.51% to $70.82 a barrel and Brent crude rising 0.46% to $73.94 per barrel.Spot gold was traded at $1802.0374 per ounce off 0.12%, having reached a one week peak of $1,808.50 on the prospects for lower interest rates.

Looking at the day ahead now, and the data highlights include US industrial production for August, the UK and Canadian CPI releases for August, and Euro Area industrial production for July. From central banks, we’ll hear from the ECB’s Schnabel and Lane.

Market Snapshot

  • S&P 500 futures up 0.21% to 4,454.00
  • STOXX Europe 600 little changed at 467.16
  • MXAP down 0.7% to 204.36
  • MXAPJ down 0.7% to 654.43
  • Nikkei down 0.5% to 30,511.71
  • Topix down 1.1% to 2,096.39
  • Hang Seng Index down 1.8% to 25,033.21
  • Shanghai Composite down 0.2% to 3,656.22
  • Sensex up 0.8% to 58,690.09
  • Australia S&P/ASX 200 down 0.3% to 7,417.03
  • Kospi up 0.1% to 3,153.40
  • Brent Futures up 0.77% to $74.17/bbl
  • Gold spot down 0.29% to $1,799.32
  • U.S. Dollar Index little changed at 92.53
  • German 10Y yield rose 0.4 bps to -0.336%
  • Euro up 0.1% to $1.1822

Top Overnight News from Bloomberg

  • China’s economy took a knock in August from stringent virus controls and tight curbs on property, fueling concerns about the global recovery as countries battle to get delta outbreaks under control
  • The greatest challenge facing Europe’s rebounding economy is whether authorities can implement the changes needed to transform its potential, according to European Central Bank President Christine Lagarde
  • President Vladimir Putin has sidelined the last of his independent political opponents, jailing some and driving others into exile, as his ruling party seeks to extend its control in parliamentary elections despite simmering discontent
  • North Korea fired off two ballistic missiles — its second major test in less than a week of weapons designed to bolster its capability to conduct nuclear strikes against Japan and South Korea

A snapshot of global markets courtesy of Newsquawk

Asia-Pac stocks mostly followed suit to the losses on Wall St where cyclicals underperformed and financials were hit as yields declined in the aftermath of the cooler-than-expected CPI print, with the region also digesting disappointing Chinese activity data. The ASX 200 (-0.3%) was pressured by weakness in financials and the commodity-related sectors including energy following similar underperformance stateside after oil prices whipsawed on Typhoon-related disruptions and details of the upcoming Chinese state reserve selling. Nikkei 225 (-0.5%) also suffered due to recent inflows into the currency and with sentiment not helped by the weaker-than-expected Machinery Orders, while the KOSPI (+0.2%) bucked the trend after the Unemployment Rate fell to a record low in August, and with the index unfazed by a ballistic missile launch from North Korea. The Hang Seng (-1.8%) and the Shanghai Comp. (-0.2%) were dampened following the miss on Chinese Industrial Production and Retail Sales data, but the indices were off worse levels as the poor data spurred calls for easing and with the state bureau also trying to paint the economy in a good light, whereby it suggested that main economic indicators still maintained fairly good growth in August and economic operations are still in recovery. Furthermore, the PBoC announced a CNY 600bln MLF operation to fully rollover this month’s maturities and US President Biden refuted reports that he was turned down by Chinese President Xi during their call last week for a face-to-face meeting. Hefty losses however remained for Hong Kong-listed casino stocks which were down by double-digit percentages as Macau begins gaming law revision and licence consultations. Finally, 10yr JGBs gained with prices helped by the risk aversion and post-CPI bull flattening stateside, while the BoJ were also in the market today for over JPY 1.3tln of JGBs with 1-10yr maturities.

Top Asian News

  • Morgan Stanley, Fitch See Property Risks Spread From Evergrande
  • U.S. Macau Casino Stocks Slump on Tightening Restrictions
  • Gold Holds Advance as Bond Yields Drop After U.S. Inflation Data
  • Iron Ore Slumps as China’s Steel Output Plunges to 17-Month Low

Bourses in Europe have adopted a downside bias (Euro Stoxx 50 -0.1%; Stoxx 600 -0.1%) vs the mixed/uninspiring start seen at the cash open and following on from a mostly downbeat APAC handover. US equity futures have been edging higher in during the morning, but the magnitude of the price action is again contained, with the tech-laden NQ (+0.3%) narrowly outperforming the cyclically induced RTY (+0.1%) in a continuation of the divergence seen post-US CPI. Back to Europe, sectors are mostly negative but one of the few in the green include Oil & Gas – spurred on by the gains across the energy complex, whilst Banks also see some consolidation following yesterday’s hefty yield-induced losses. The downside meanwhile features more cyclical names, such as Retail and Travel & Leisure, in what seems to be a continuation of the value unwind seen post-US CPI yesterday. In terms of individual movers, Deliveroo (+1.4%) holds onto gains following a deal with Amazon, although competitor Just Eat Takeaway (-4.0%) is subsequently hit. Elsewhere, Lagardere (-3.5%) shares fell after Le Point reported that its HQ was raided yesterday in relation to “abuse of power, presentation of inaccurate accounts, dissemination of false or misleading information, abuse of corporate assets and vote buying”. Daimler (+0.6%) is supported by commentary from its CFO, who expects Mercedes to return to more normal performance in Q4 and confirmed FY21 profit margin guidance. Meanwhile, the pre-market saw earnings from the likes of Darktrace (+9.0%), Fevertree (+1.5%), Inditex (-1.5%), Mediaset (+1.4%), and Tullow Oil (+6.6%).

Top European News

  • Commerzbank Set to Name Schaufler Retail Head, Replace COO
  • Kepler Cheuvreux Recruits Analysts From Danske, SEB and Swedbank
  • Deutsche Bank’s Sewing Says German Election Needs Growth Agenda
  • LVMH, Kering Drop; China Tightens Controls on Macau Casinos

In FX, the Yen has extended post-US CPI gains vs the Dollar to probe 109.50 irrespective of underwhelming Japanese machinery orders data or a marginal back-up in Treasury yields and curve realignment from flatter levels. Instead, Usd/Jpy and Yen crosses appear to be moving in line with bearish technical impulses and an element of safe-haven positioning amidst several geopolitical developments that could flare up, like North Korea’s latest ballistic missile tests, China testing its air defence forces in Tibet against possible Indian missiles or jets, according to state media cited by SCMP, and Saudi air defenses destroying a drone launched by Yemen’s Houthis towards Abha airport, Al Hadath. However, the headline pair may yet find underlying bids into 109.00 and 1.4 bn option expiry interest between 109.60-70 could also sap strength from the Yen ahead of trade data tomorrow. Meanwhile, Sterling is back on a firmer footing in wake of a clean sweep of forecast topping UK inflation metrics, including headline and core CPI eclipsing the upper end of the BoE’s target band, with Cable regaining 1.3800+ status and testing the 200 DMA at 1.3830. Conversely, the Buck’s broad bounce is waning, as the index slips back from 92.683 through 92.500 in the run up to more data (Empire State, import/export prices, ip and cap u).

  • AUD/NZD/EUR/CAD/CHF – All clawing back ground against the Greenback after their flip-flop or knee-jerk advances on Tuesday, with the Aussie forming a base above 0.7300 pre-labour report, the Kiwi creeping over 0.7100 again in time for NZ Q2 GDP, the Euro securing a firmer grip of the 1.1800 handle, the Loonie rebounding from sub-1.2700 before Canadian CPI and Franc continuing its revival from lows some way under 0.9200.
  • SCANDI/EM – Notable Nok outperformance, and aside from the latest Norges Bank regional survey underscoring overwhelming expectations for a hike this month, Brent is offering more traction as it eyes Usd 74.50/brl and also give the Rub a boost. Elsewhere, the Mxn is riding a WTI wave beyond Usd 71/brl after a bigger than anticipated API crude drawdown and the Zar is bouncing, albeit belatedly, as Gold pivots Usd 1800/oz, while the Cnh and Cny have shrugged off disappointing Chinese retail sales and ip on general Usd weakness and relief that the PBoC opted to roll the 1 year MLF in full.

In commodities, WTI and Brent front month futures are once again on a firmer footing, with the contracts extending upside in early European trade in conjunction with the cash open. News flow for the complex has been light to spur the upside, but the strength does come amid a larger-than-expected draw in the weekly Private Inventory data alongside bullish internals ahead of today’s DoEs – with the headline looking for a draw of 3.54mln barrels. The complex this week also saw bullish commentary from both OPEC and the IEA, which could be acting as wind in the sails. Meanwhile, from a COVID standpoint, the booster programme is poised to set off, particularly in the UK, which abates fears of a persistent slowdown in activity by the Delta COVID variant. WTI Oct’ has topped USD 71.50/bbl (vs low 70.65/bbl) whilst Brent Nov’ trades north of USD 74.50/bbl (vs low 73.78/bbl). Meanwhile in terms of gas, Norway’s Equinor is ramping up gas production where possible to meet the European demand and expects fundamentals behind the high European gas prices to continue into autumn and winter. Gas prices have since firmed, +2.4% last for the NG Oct’ contract. Elsewhere spot gold and silver are relatively flag with a mild divergence, spot gold trades on either side of the USD 1,800/oz mark which coincides with its 21 DMA. Several other DMAs reside in close proximity including the 50 DMA (1,798/oz), 200 DMA (1,807/oz), and the 100 DMA (1,815/oz). Turning to base metals. LME copper is firmer and attempts to gain a firmer footing above USD 9,500/t following yesterday’s declines. Meanwhile, the Chilean Copper Commission downgraded its average copper price projection to USD 4.20/lb for 2021 vs prev. USD 4.30/lb, whilst maintaining its 2022 forecast as USD 3.95/lb. Dalian iron ore futures overnight slid to a nine-month low amid compounding demand concerns, according to desks.

US Event Calendar

  • 8:30am: Aug. Import Price Index MoM, est. 0.2%, prior 0.3%; YoY, est. 9.4%, prior 10.2%
  • 8:30am: Aug. Export Price Index YoY, est. 17.0%, prior 17.2%; MoM, est. 0.4%, prior 1.3%
  • 8:30am: Sept. Empire Manufacturing, est. 17.9, prior 18.3
  • 9:15am: Aug. Capacity Utilization, est. 76.4%, prior 76.1%
  • 9:15am: Aug. Manufacturing (SIC) Production, est. 0.4%, prior 1.4%; Industrial Production MoM, est. 0.5%, prior 0.9%

DB’s Jim Reid concludes the overnight wrap

xIt had to happen at some point. Yesterday was the first monthly US CPI print that came in below expectations since November last year. That was enough to help spark a notable rally in bonds, especially US treasuries. By the close of trade, the 10yr yield had seen its biggest daily move lower in a month, falling -4.2bps to 1.2836%, with the decline almost entirely driven by a -3.6bps move in inflation breakevens. We were trading near 1.35% before the CPI number so an even bigger intra-day rally. In fact at one point we hit 1.26% so a big move.

Running through the numbers, the month-on-month reading came in at just +0.3% (vs. +0.4% expected), which was also the slowest price growth since January. Used cars and trucks (-1.5%) saw their first decline in 6 months, having helped to propel inflation higher back in Q2, though energy was up +2.0% thanks to an increase in the gasoline index of +2.8%. The monthly increase meant that the year-on-year reading ticked down a tenth to +5.3% as expected, having peaked at +5.39% (to 2 decimal places) back in June. Core inflation saw a larger downside surprise, with a monthly increase of just +0.1% (vs. +0.3% expected), that in turn saw the year-on-year measure fall back to +4.0% (vs. +4.2% expected).

Although the CPI release triggered a round of new narratives that we’ve potentially seen the peak for inflation, another rise in commodity prices yesterday suggested we aren’t out of the woods yet. Indeed, the aggregate Bloomberg Commodity Spot Index was up another +0.18% at a fresh high for the decade, with Brent Crude (+0.12%) oil prices at 6-week highs of their own, though WTI prices dipped later in the session closed broadly unchanged (+0.01%). An area of particular interest that has the potential to create major concerns has been a big rise in European gas prices, with natural gas futures up by another +7.32% yesterday, bringing their gains since the start of August to +63.8%, and up by an astonishing +514% relative to a year ago.

Governments have already been stepping in to deal with the issue, with Spain announcing a windfall tax on utilities and a cap on consumer bills earlier in the week, but the scale of the increases mean we could well see this climb rapidly up the broader news agenda (and not just on the business channels) over the coming days and weeks. Similarly, Italian President Draghi announced that his government is readying public funds to subsidise consumers’ energy bills due to the latest increase in prices. This comes after the government has already spent EUR 1.2bn in the second quarter of this year, which is estimated to have cut the consumer price increase to +9% from an initial +20%. I’m not an expert (you may wonder what I’m actually an expert on) but another reason this is worrying is that demand and prices usually pick up in winter so this surge is coming at a seasonally strange time. These are strange times for inflation as it’s everywhere yet few are too concerned.

Elsewhere in financial markets, prior to the start of trading in the US, S&P 500 equity futures initially rose on the inflation data, but then sold off steadily throughout the day to reverse Monday’s slight gain and end -0.57% and at its lowest level in just over three weeks. Europe’s STOXX 600 (-0.01%) was largely unchanged as it closed before US equities took a second leg lower. Yesterday, the S&P 500 closed -0.32% away from its 50 day moving average, and the index has only closed below that trailing average on one occasion since March 8 (back on June 18). Overall we haven’t seen a correction yet, as many expect (see our survey here or evidence) but we have seen a stalling.

Financials underperformed amidst the decline in bond yields, with the STOXX Banks down -1.07%, as yields on 10yr bunds (-0.9bps), OATs (-1.4bps) and BTPs (-3.9bps) all moved lower. In the US bank stocks (-1.86%) were the worst performing industry group, along with energy (-1.55%). However, more inversely interest rate sensitive growth technology stocks had a better day, with software (+0.26%) and semiconductors (-0.04%) among the better performing industries along with healthcare equipment (+0.16%). Small cap stocks notably underperformed with the Russell 2000 losing -1.38%.

Overnight, the FT has reported that China’s President Xi Jinping was non-committal to a request from US President Joe Biden for a first face-to-face summit between the two at their call last week. While not taking up the offer, Xi said that “the tone and atmosphere of the relationship needed to be improved first”. However, President Biden later gave clarification on the FT story saying that it was not true that Xi didn’t want to meet. So some spinning from someone here. Elsewhere, South Korea’s Joint Chiefs of Staff said that North Korea fired two ballistic missiles into waters off the eastern coast of the peninsula overnight. This marks the second major weapons test by North Korea in less than a week and is ratcheting up geopolitical tensions in the region.

Stepping away from politics and looking at the overnight economic data out of China. There was a huge miss on the retail sales front with the August print coming in at +2.5% yoy as against expectations of +7.0% yoy and +8.5% yoy last month. Industrial production (at +5.3% yoy vs. +5.8% yoy expected) also came in below expectations albeit the miss was smaller. YtD Aug fixed investment now stands at +8.9% yoy (vs. +9.0% yoy expected) while the surveyed unemployment rate was stable at 5.1%. The miss on retail sales came as covid-19 restrictions hit consumer spending and travel during the peak summer holiday break and China’s current delta outbreak is continuing to grow in the southeastern province of Fujian, with an additional 51 infections reported. The current outbreak has so far been restricted to the Fujian province but Chinese experts are worried that it may spillover to other parts of the country.

Given the above developments and weak economic data out of China, Asian markets are unsurprisingly trading lower this morning with the Nikkei (-0.37%), Hang Seng (-0.95%), CSI (-0.35%) and Asx (-0.21%) all losing ground. The Shanghai Comp (+0.31%) and Kospi (+0.34%) are trading higher though. Elsewhere, yields on 10y USTs are stable while futures on the S&P 500 are up +0.19%.

Turning to the pandemic, the UK government announced that millions would be offered a booster vaccine from next week, with those eligible getting a booster 6 months after their second dose. Those able to get a booster include all of the over-50s, other adults with underlying health conditions, and health and social care workers. The news on boosters came as Prime Minister Johnson announced the government’s plan to learn to live with the virus. Plan A was to use existing measures such as vaccines, self-isolation and public guidance, but Johnson said they were prepared to use measures in Plan B, which could include the introduction of vaccine passports, a return to legally mandated face coverings in some settings, and potentially a return to work from home advice. In the Netherlands, the government announced that the social distancing rules would be eliminated from September 25th, in what President Rutte called a “symbolic move.” This comes as the nation is expanding the use of covid-19 passports, making them required to enter cinemas, restaurants, and bars. Elsewhere in Russia, President Putin is now in self-isolation after he was exposed to a number of positive cases among his staffers.

On the German election, there are just 11 days to go now, and the polls continue to point to a tight race. One from GMS yesterday showed the centre-left SPD on 25%, just two points ahead of Chancellor Merkel’s CDU/CSU on 23%, with the Greens lagging behind on 16%. However, a separate Forsa poll showed the SPD with a 4-point lead, on 25% relative to the CDU/CSU’s 21%, although the CDU/CSU were up 2 points from the Forsa poll the previous week.

Looking at yesterday’s other data, the number of payroll employees in the UK was up +241k in August, which takes the total back above the pre-pandemic peak in February 2020. Furthermore, the unemployment rate also fell to 4.6% in the three months to July as expected. Over in the US, the NFIB’s small business optimism index for August unexpectedly rose to 100.1 (vs. 99.0 expected).

To the day ahead now, and the data highlights include US industrial production for August, the UK and Canadian CPI releases for August, and Euro Area industrial production for July. From central banks, we’ll hear from the ECB’s Schnabel and Lane.

end

3A/ASIAN AFFAIRS

i)WEDNESDAY MORNING/TUESDAY  NIGHT: 

SHANGHAI CLOSED DOWN 6.38  PTS  OR 0.17%   //Hang Sang CLOSED down 469.02 PTS OR 1.84%      /The Nikkei closed DOWN 158.39 PTS OR 0.52%   //Australia’s all ordinaires CLOSED DOWN 0.22%

/Chinese yuan (ONSHORE) closed UP TO 6.4333  /Oil UP TO 70.69 dollars per barrel for WTI and 73.89 for Brent. Stocks in Europe OPENED ALL RED   /ONSHORE YUAN CLOSED  UP AGAINST THE DOLLAR AT 6.4333. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.4302/ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%/

 

3 a./NORTH KOREA/ SOUTH KOREA

/NORTH KOREA//SOUTH KOREA

Good reason for gold to be hit today;  North and South Korea test ballistic missiles

(zerohedge)

North And South Korea Test Ballistic Missiles Just Hours Apart

 
WEDNESDAY, SEP 15, 2021 – 07:06 AM

North Korea fired a pair of short-range ballistic missiles on Wednesday, according to South Korea’s Yonhap News Agency. Hours later, South Korea tested a submarine-launched ballistic missile, ratcheting up regional tensions on the peninsula. 

South Korea’s Joint Chiefs of Staff (JCS) said the two ballistic missiles were fired from the central part of North Korea, the first at 1234 and the second at 1239 local time. Both flew about 500 miles and at an altitude of 37 miles. 

“North Korea fired two unidentified ballistic missiles from its central inland region toward the east coast, and intelligence authorities of South Korea and the United States are conducting detailed analysis for further information,” JCS said in a statement. 

South Korea’s military “maintains a full readiness posture in close cooperation with the United States,” the JCS added. 

Japanese Prime Minister Yoshihide Suga called the missile launch “simply outrageous,” adding that both missiles had landed just outside Japan’s exclusive economic zone. He said defense agencies will monitor the area “more closely than ever.”

The U.S. military’s Indo-Pacific Command (USINDOPACOM) said North Korea’s missile launches posed no risk to U.S. assets or allies in the region but noted the destabilizing impact of the rogue country’s illicit weapons program. 

“We are aware of the missile launch and are consulting closely with our allies and partners. While we have assessed that this event does not pose an immediate threat to U.S. personnel or territory, or to our allies, the missile launch highlights the destabilizing impact of the DPRK’s illicit weapons program,” the USINDOPACOM statement read. 

Hours after the missile launch, South Korean President Moon Jae-in observed a successful test-firing of a submarine-launched ballistic missile, making South Korea the eighth country to possess such a weapon.

Wednesday’s ballistic missile activity on the peninsula is North Korea’s first launch in six months. It also fired a new long-range cruise missile on Saturday and Sunday. One can only wonder about the timing of such an act, which usually happens with the explicit blessing of China, whose president – we learned yesterday – snubbed Joe Biden’s invitation for a face-to-face summit.

As we noted over the weekend, “Kim would not fire anything without Beijing’s blessing, so is this Xi piling on more pressure on Biden as Washington faces turmoil in almost every foreign policy endeavor.” 

Last week, North Korea staged its first military-style parade since Biden became U.S. president. Kim presided over an event where displays of his state’s weaponry were scaled down from previous exhibitions. There were no ballistic missiles and possibly the reason for that is they were being prepared for launch

 
end

b) REPORT ON JAPAN

JAPAN/COVID/

Now white particles are reported in the Pfizer vaccines.  No doubt that these are the nano-particles being protected by the black graphene oxide

(zerohedge)

Contaminated Pfizer Vaccines Reported In Several Japanese Cities

 
TUESDAY, SEP 14, 2021 – 07:57 PM

Several cities in Japan have reported ‘white-colored floating substances’ in Vials of Pfizer’s Covid-19 vaccine, according to Bloomberg.

The vials came from lot FF5357, where white contaminants were first reported by Kamakura City in Kanagawa prefecture. On Tuesday, two more cities – neighboring Sagamihara and Sakai City in Osaka prefecture reported contaminated vials, however there were no reports of adverse reactions. In Sagamihara, white substances were reported at three different vaccination sites on Sept. 11, 12 and 14.

The cities told Bloomberg that they will ask Pfizer for an analysis.

Last month Moderna came under fire after black contaminants were found in multiple vials of their Covid-19 vaccine in Japan, causing the Japanese Ministry of Health to pull 1.6 million doses of the vaccine.

According to NHK, “black substances” were found in syringes and a vial, while pink substances were spotted in a different syringe.

END
 
 

3 C CHINA

CHINA/BANKS//LAST NIGHT

Several senior executives from Chinese banks are being investigated and arrested. I guess there goes their economy, whatever is left after they have demolished the tech industry.

(zerohedge)

“Several Senior Executives” From Chinese Banks Investigated And Arrested In Recent Weeks, Global Times Reports

 
TUESDAY, SEP 14, 2021 – 05:45 PM

It may not just be the tech sector where the party has ended for businesses in China.

That’s because this week, the state-owned mouthpiece Global Times made the announcement that “several senior executives of Chinese banks” had been “put under investigation or arrested over recent weeks”.

According to the Central Commission for Discipline Inspection, the regulatory scrutiny comes as China looks to fight against corruption in the financial sector. 

Former Party chief and former head of the Guangzhou branch of CITIC Bank, Xie Hongru, was placed under investigation and former Party chief and former head of the Jiangsu branch of the Agricultural Bank of China, Gao Youqing, was expelled from the Party, the Global Times wrote.

He Xingxiang, deputy governor of China Development Bank, was also revealed to be under investigation, the report says. 

The country’s 10th meeting of the Central Committee for Financial and Economic Affairs was held in August and is reported to be what helped catalyze the actions. Among the initiatives from the meeting were “taking targeted steps to punish financial corruption”. 

This now makes “at least eight” executives from four state owned banks that have been investigated since the beginning of 2021. Because, hey, it beats getting to the bottom of Covid’s origins and punishing those people who may have been responsible, right?

Charges levied against those placed under arrest include “abuse of power, violation in granting loans, embezzlement, and illegal investment and operation,” the report says. The CCDI has filed 93 major financial corruption cases since 2017. 

END

CHINA//ECONOMY

China’s Lehman moment has arrived:  Beijing tells the banks that Evergrande will not pay interest.

the fun begins..

(zerohedge)

China’s “Lehman Moment” Arrives On 13th Anniversary Of Lehman Bankruptcy: Beijing Tells Banks Evergrande Won’t Pay Interest

 
WEDNESDAY, SEP 15, 2021 – 09:17 AM

Yesterday, when covering the non-stop drama surrounding China’s most insolvent property developer, Evergrande, we said that it would be remarkably ironic if Evergrande were to announce a default – which everyone knows is coming – today, on the 13th anniversary of Lehman’s bankruptcy filing on Sept 15, 2008.

Well, in this delightfully absurd world we live in, that’s just what happened only instead of Evergrande making the announcement, it was the entity that will soon control the massively overlevered property developer that made it for them: the Chinese government.

According to Bloomberg, Chinese authorities told major lenders to China Evergrande Group not to expect interest payments due next week on bank loans, which takes the cash-strapped developer a step closer the nation’s largest modern-day restructurings, and guarantees that China’s “Lehman Moment” is now just a matter of days, if not hours.

According to Bloomberg, citing unnamed sources, the Ministry of Housing and Urban-Rural Development told banks in a meeting this week that Evergrande won’t be able to pay its debt obligations due on Sept. 20, and instead most of Evergrande’s working capital in now being used to resume construction on existing projects, the housing ministry told bankers, according to a Bloomberg source.

And since nonpayment of interest and principal will represent an event of default, the company is unlikely to make any subsequent interest, or principal, payments either since it will have already default even though Bloomberg claims that “Evergrande is still discussing the possibility of getting extensions and rolling over some loans.” It won’t, especially since the developer will also miss a principal payment on at least one loan next week, which means it’s game over.

Meanwhile, as reported previously, Chinese authorities are already laying the groundwork for a debt restructuring of the $300 billion company (which recently hired Houlhan Lokey to advise it during the upcoming historic bankruptcy), assembling accounting and legal experts to examine the finances of the group. With senior leaders in Beijing silent on whether they will allow Evergrande creditors to suffer major losses, bondholders have priced in slim odds of a rescue infuriating countless investors and creditors who have mobbed the company’s offices across the country and also gathered at its HQ, demanding the company “return their money.” It won’t happen.

It’s unclear whether Evergrande, founded by billionaire Hui Ka Yan, intends to pay about $84 million of dollar-bond interest due Sept. 23. We doubt it: according to Bloomberg, Guangdong officials have turned down at least one bailout request from Hui, who owns a controlling stake in the developer.

The company’s complex web of obligations to banks, bondholders, suppliers and homeowners has become one of the biggest sources of financial risk in the world’s second-largest economy.

China banks and property firms tumbled after Bloomberg reported the delayed payments, while Evergrande dollar bonds and shares hit session lows Wednesday afternoon, after Bloomberg’s report, as bond investors are bracing for missed payments and as Moody’s and Fitch both downgraded Evergrande this month, citing an increasing likelihood of default. The Firm’s 8.75% note due 2025 fell 1.6 cents on the dollar to 25.8 cents as of 2:27pm in Hong Kong, according to Bloomberg-compiled prices. The 8.25% dollar bond due 2022 dropped 1.4 cents to 25.3 cents, on pace for record closing low. Shares fell as much as 6.1% to their lowest since January 2014.

As noted on Monday, Evergrande’s failure to meet its obligations on time has led to protests across China by homebuyers, retail investors and even the developer’s own staff, raising the prospect of social unrest if the property giant’s troubles spin out of control. The company said on Tuesday if it’s unable to repay debts on time or get creditors to agree to extensions or alternative arrangements, it may lead to cross-default.

Whether the selloff drags down the broader credit market may depend on the company’s ability to buy time with banks, as well as the overall state of the Chinese economy. A messy default on loans could stoke fears of widespread contagion, something Xi Jinping’s government has been keen to avoid even as it tightens financing restrictions on overstretched developers and discourages government bailouts.

Commenting on the upcoming fireworks, Keith Temperton, sales trader at Forte Securities said “The Asian banks will get hit hard if there’s a default, but then there will be a 10-year recovery process. The market’s getting a hang of it. The way they’ve managed the news flow seems quite clever. They haven’t let a swathe of bad news at once.”

That’s true, but as Mark Twain said, when explaining “How do you go bankrupt? Two ways. Gradually, then suddenly.” Until now we were in the “gradually” phase. Today, we just got to the “suddenly” part.

Tuesday night’s data release confirms that China is going through a hard landing

(zerohedge)

Chinese Data Dump Confirms Hard Landing Imminent

 
TUESDAY, SEP 14, 2021 – 10:08 PM

Update (2210): On the heels of data showing land sales collapsing, tonight’s smorgasbord of data (absent only GDP) on consumption, industrial output and investment will reveal the extent of the damage caused by an outbreak of the delta variant.

As a reminder ahead of tonight’s August data, the latest official composite purchasing manager’s index fell to the lowest since February 2020, its first contraction after the virus lockdowns, signaling China’s robust economic recovery from last year’s coronavirus trough is losing momentum.

  • Industrial Production YTD YoY MISSED at +13.1% vs +13.5% exp DOWN from +14.4% prior

  • Retail Sales YTD YoY MISSED at +18.1% vs +18.9% exp DOWN from +20.7% prior

  • Fixed Asset Investment YTD YoY MISSED at +8.9% vs +9.0% exp DOWN from +10.3% prior

  • Property Investment YTD YoY MISSED at +10.9% vs +11.3% DOWN from +12.7% prior

  • Surveyed Jobless Rate IN LINE at 5.1% vs 5.1% exp IN LINE with 5.1% prior

Perhaps most notably, year-over-year retail sales rose just 2.5% in August, dramatically worse than the +7% expected and well below the +8.5% in July…

Retail weakness was most pronounced in communication appliances, clothing, household electronics, automobiles and eating out; and as Bloomberg’s Kevin Kingsbury notes, retail sales data are liable to be worse for September (and possibly October) as folks are apt to stay home during the upcoming holidays.

Notably, the PBOC rolled over 600 billion yuan of funding in a move that signals Beijing is keeping liquidity levels amid the slowdown. The question is, with China’s credit impulse is at its most contractionary in 3 years, is this the turning point once again?

Source: Bloomberg

Policy makers have so far refrained from large-scale stimulus this year, instead resorting to some low-profile tools to increase credit supply to parts of the economy, especially small businesses. It will be hard for Xi to back down from his ivory tower to suddenly flip-flop to support the economy – systemically or idiosyncratically – without appearing to kowtow to the elites at at time when he is clearly focused on avoiding social unrest among the non-elites.

*  *  *

As we detailed earlier, one month after we warned that China had just unleashed a stagflation shockwave, as inflation – and especially factory price inflation – hit the highest in 13 years, crushing corporate profits, while GDP disappointed, and weeks after we also pointed out that China’s credit growth in August had collapsed to the lowest level since the peak of the covid crisis in Feb 2020, Bloomberg writes in its economic preview of China’s economic data dump scheduled for tonight that the country’s economy “likely slowed further in August, with data on consumption, industrial output and investment due Wednesday to reveal the extent of the damage caused by an outbreak of the delta variant.”

The extent of the slowdown will be closely watched for sign that it’s serious enough to prompt authorities to change their current stance of slowly withdrawing liquidity from markets and keeping stimulus limited. The ongoing regulatory crackdown on sectors like education, the internet and property may have exacerbated the recent economic weakness.

And while Bloomberg expects substantial disappointments across the board for the month of August when China was hit hard by another round of covid restrictions, including disappointing consumption, property, infrastructure and unemployment data, the reality is that China may be this close to a hard landing.

The reason for that is that while it won’t be featured in tonight’s data lineup, high-frequency data – actual data, not that kind “filtered” by Beijing’s National Statistics Bureau – points to an absolute disaster for China’s property sector, which has imploded over the past two weeks (coinciding roughly with the terminal collapse of Evergrande).

According to Nomura, year-over-year growth in volume terms of new home sales, existing home sales and land sales dropped further to -26.6%, -46.6% and -38.3% in the first 11 or 12 days of September from -22.5%, -39.5% and -21.9% in August, respectively. It gets worse: land sales in value terms plunged to -90.4% y-o-y for 1-12 September from -65.0% in August. Some more details from Nomura:

New home sales growth data for WIND’s 30-city sample serves as a good tracker of official NBS new home sales growth, thanks to their high correlation coefficient of 0.92 during the period from January 2018 to July 2021. Based on our estimates, year-on-year growth in new home sales (hereinafter in volume terms for new home sales) for the WIND 30-city sample declined further to -26.6% for 1-11 September from -22.5% in August and -4.4% in July (Figure 1), while its annualized 2y-o-2y growth also fell to -10.3% in month-to-date September from -5.2% in August and 3.4% in July (Figure 2).

It gets even worse, because a breakdown of the data shows that low-tier cities fared much worse: developers’ net bond financing fell into deeper negative territory in August in both onshore and offshore markets, pointing to a further tightening in developer financing conditions.

According to WIND, growth in land sales in value terms in the 100-city sample, a proxy for land purchases by property developers, slumped to -90.4% y-o-y during 1-12 September form -65.0% in August. In volume (floor space) terms, it also dropped sharply to -38.3% y-o-y from -21.9% (Figure 6).

Although high-frequency land sales data may be under-reported to some extent, as WIND may not receive all cities’ data in a timely manner; the downtrend in land sales growth is quite evident.

These data support the cautious view of Nomura’s Ting Lu of China’s property sector and macro economy. As Lu writes, “we believe the ongoing property curbs are unlikely to be eased in the near term, as Beijing has attached national strategic importance to reining in property bubbles, directly intervening in credit supply for the property sector, leaving it little room to dial back these curbs.”

The likelihood of Beijing easing its property curbs is quite low. Actually, despite the worsening property sector, a number of cities have further tightened their curbs over the past two weeks.

This brings us to another observation made by Nomura last month in the bank’s must read report “Asia Special Report – China: Beijing’s Volcker moment” (available for pro ZH subs at the usual place) namely that the country is facing its “Volcker moment“, as Beijing seems to be willing to sacrifice some growth stability for achieving long-term targets, namely

  • less dependence on foreign high-tech goods,
  • achieving a higher birth rate and
  • reducing wealth inequality.

Here, Lu repeats his dire conclusion, warning that “there is likely to be a much worse-than-expected growth slowdown, more loan and bond defaults, and potential stock market turmoil.”

It’s also clear that so far low-tier cities have borne the brunt of the ongoing property sector downturn, due to Beijing’s unprecedented tightening measures, the tapering of the PBoC’s pledged supplementary lending and continued population outflows towards large cities.

Finally, the latest covid breakout (in the nation that created covid) isn’t helping. As we reported earlier, over the weekend, Putian city in East China’s Fujian province reported 64 local positive cases and the city already imposed locality-based lockdown and “discouraged” people from leaving the city – translation: another multi-million city is under massive quarantine. Of course, it has failed and the outbreak has already spread to neighboring cities in Fujian province, including Xiamen and Quanzhou, with several districts and hospitals put under lockdown there. The situation will get worse as some analysis estimate around 30,000 people have already traveled out from Putian.

Bottom line: Beijing is facing an economy whose wheels have suddenly come off, and unless China’s political elite is willing to unleash another massive monetary and fiscal tsunami and bail out the economy all over again – something Beijing has repeatedly vowed it won’t do this time – a hard landing, whether or not accompanied by a Volcker Moment, is virtually guaranteed.

end

Seems the Xi is more authoritarian than Mao Tse Tung.  Macau casino stocks tumble as Beijing launches a crackdown on the world’s biggest gambling hub.

(zerohedge)

Macau Casino Stocks Tumble As Beijing Launches Crackdown On World’s Biggest Gambling Hub

 
WEDNESDAY, SEP 15, 2021 – 07:33 AM

Beijing’s crackdown on various elements of society continued on Wednesday with Chinese officials targeting Macau, the quasi-independent gambling hub and Chinese territory, in a new crackdown on gambling oversight, which sent shares of Macau-focused gambling companies, like those owned by Wynn Macau, Sands China, MGM China and Galaxy Entertainment, tumbling as much as 34%.

The selloff started after Lei Wai Nong, Macau’s secretary for economy and finance, warned on Tuesday of a 45-day “consultation period” for the gambling industry, which will begin from the following day. The purpose will be to dig out to deficiencies in industry supervision. Re-bidding on Macau’s casino licenses is set to begin next year. Increasingly worried about Macau’s reliance on gambling, Beijing hasn’t said exactly how it plans to change things. However, several analysts swiftly downgraded their view on several Macau gambling houses due to the fact that they must all rebid for their licenses.

JP Morgan, for example, said it would downgrade all firms with operations in Macau’s gambling industry due to the looming crackdown.

“We admit it’s only a ‘directional’ signal, while the level of actual regulation or execution still remains a moot point,” said analyst D.S. Kim, adding that the news would have already left doubt in investors’ minds.

During a briefing on Tuesday, Macau Economy and Finance Secretary Lei listed nine areas for oversight, such as the number of licenses, better regulation and employee welfare, while bringing in government representatives to supervise daily casino operations.

But the No. 1 goal for Beijing in this crackdown is to finally plug a popular ‘escape route’ for capital trying to leave China. As we explained last year how Chinese citizens launder as much as $153 billion per year with the help of online gambling and such cryptocurrency as tether, which has long been rumored to be a key driver of upside into bitcoin. Macau’s casino’s which provide plenty of cover for wealthy Chinese trying to transfer money abroad, who have used the casinos to accomplish this for years.

The government is planning more shares in gaming concessionaires for permanent residents in Macau as well as rules on transfer distribution of profits to shareholders. The big question is whether foreign casino operators like Wynn, which have flourished in Macau, will soon finally taste the boot of President Xi’s economy-wide crackdown.

Casinos in the world’s biggest gambling hub struggled massively last year as business all but dried up.

At any rate, Beijing has long struggled to curb the money laundering that takes place in Macau for years. Now, it’s seizing what might be its best chance to shake things up.

END

CHINA vs USA

This will go nowhere fast…China lodges a formal protest with the USA over Taiwan diplomatic office name change

(zerohedge)

China Lodges Formal Protest With US Over Possible Taiwan Diplomatic Office Name Change

 
TUESDAY, SEP 14, 2021 – 11:25 PM

China has lodged a formal protest with the United States over the possibility that Taiwan might change the name of its diplomatic representation office in Washington from the current “Taipei Economic and Cultural Representative Office” (TECO) to “Taiwan Representative Office”.

The formal request for the US to not allow the name change came just after on Monday state-run Communist Party mouthpiece Global Times published an op-ed Monday vowing that China’s military will send fighter jets directly over the island in assertion of Chinese sovereignty over Taiwan.

Taipei Economic and Cultural Representative Office in Washington D.C., Wikimedia Commons.

The proposal was first requested by Taipei, and this current round of diplomatic tensions over the issue was sparked immediately upon reports the Biden administration is “seriously considering” allowing the name change. 

Since 2017 a handful of countries including Nigeria, Jordan and Ecuador, briefly OK’ed Taiwan representation name changes, but quickly reversed course after feeling severe pressure from China, a large trading partner. 

According to the South China Morning Post late in the evening Monday, China’s Foreign Ministry issued a formal denunciation of the possible name change at the end of a day it was being widely reported:

Foreign ministry spokesman Zhao Lijian said on Monday that China had “lodged solemn representations” with the US and urged it to abide by the one-China principle and the three US-China communiqués – joint statements in 1972, 1979 and 1982 that included the US stating its intention to gradually decrease arms sales to the island.

Zhao said Washington should “stop any form of official exchanges between the US and Taiwan to improve substantive relations”, including by changing the name of Tecro.

Meanwhile during this week’s testy Congressional hearings, Secretary of State Antony Blinken let slip the words “country” of Taiwan…

Earlier in the summer the deputy director of the American Institute in Taiwan Raymond Greene, considered the de facto US diplomat to Taiwan, made statements indicating the US now sees in the Taiwan controversy an “opportunity” to counter Beijing. 

“The United States no longer sees Taiwan as a ‘problem’ in our relations with China, we see it as an opportunity to advance our shared vision,” Greene had said in the June comments. 

end

4/EUROPEAN AFFAIRS

UK/CHINA
They are a little late at the switch.  British leader has called on the British government to investigate the UK’s dependency on China’s money as a research centre.  He alleges it has been infiltrated by Chinese tech giant Huawei.
 
(Zhou/EpochTimes)

Calls For Investigation Grow As “Close Ties” Emerge Between Huawei, Cambridge Research Center

 
WEDNESDAY, SEP 15, 2021 – 02:00 AM

Authored by Lily Zhou via The Epoch Times,

A former Conservative Party leader has called on the British government to investigate the UK’s dependency on China as a research center of Cambridge University is alleged to have been “infiltrated” by Chinese tech giant Huawei.

Speaking to The Times of London on Sunday, Sir Iain Duncan Smith said that universities in the UK are “far too dependent on Chinese money,” with Cambridge being “one of the worst offenders.”

The senior Tory urged the government to set up an urgent inquiry into “the UK’s dependency on China across a range of institutions and companies.”

His comment came after the newspaper reported that the chief representative and three out of four of the directors at the Cambridge Centre for Chinese Management (CCCM) have ties to Huawei.

The Times said the information about Yanping Hu, who was listed as the chief representative of the CCCM, was removed from the CCCM website following inquiries from the newspaper.

cache of the page, archived on Aug. 17, said Hu had been the head of Huawei Management Engineering Group, director of Huawei Corporate Change Committee, director of Huawei Organisation Department, and the Deputy President of Huawei University before becoming the SVP at Huawei.

The Chinese version of the page also said that Hu is the CEO of Huawei-affiliated Hua Ying Management, which is—along with Huawei and its other affiliates—on a Washington list of entities that “pose a significant risk of involvement in activities contrary to the national security or foreign policy interests of the United States.”

The page also boasted Hu’s credential as an “expert who enjoys a special allowance from the State Council.”

Tian Tao, one of the CCCM’s four directors, is a senior adviser at Huawei Technologies and a confidant of Huawei CEO Ren Zhengfei.

The Chinese version of the CCCM’s website also stated that it’s the CCCM’s role and “historical mission” to document, synthesize, spread, and contribute to the development and management of Chinese enterprises.

Johnny Patterson, co-founder and policy director at human rights NGO Hong Kong Watch, said the link between the university and the Chinese Communist Party have serious implications.

“Huawei’s ties with the Chinese government are no secret. It looks as if the research centre has been infiltrated by Huawei and the university should definitely investigate it,” Patterson told The Times.

“The close links between Huawei and Cambridge University have serious national security and moral implications,” he added.

A spokesperson for Cambridge University said any relationship the university has is in line with government guidelines.

The CCCM “is a business management programme focused on Chinese business practices. As such, it engages with various sectors of the Chinese economy, including technology companies,” the spokesperson said in a statement.

“The University of Cambridge has a robust system for reviewing all strategic relationships and strict protocols for engaging with any company. Any relationship the University has with any corporate entity, domestic or international, strictly adheres to the guidelines set out by the UK government.”

Neither Huawei, nor the UK government responded to requests for comment by the time of publishing.

end
 
 
EU
 
 
ECB
 

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

 
 

ISRAELNEWS

end
IRAN/USA
What a waste of time:  Iran replaces veteran nuclear negotiator with a hardliner.. Talks still in doubt.
(zerohedge)

Iran Replaces Veteran Nuclear Negotiator With “Hardliner” As Vienna Talks Still In Doubt

 
WEDNESDAY, SEP 15, 2021 – 01:00 AM

A week after Secretary of State Antony Blinken warned the US is “getting closer” to giving up completely on the Iran nuclear deal after Vienna talks have been on hold since June 20, Iran on Tuesday replaced its longtime veteran negotiator with a senior diplomat who’s widely being described as a “hardliner”.

The recently installed administration of Ebrahim Raisi has named Ali Bagheri Kani to replace Deputy Foreign Minister Abbas Araghchi. Araghchi had spearhead the original negotiations on the 2015 nuclear deal with world powers and has been at the forefront of Iranian efforts in Vienna.

However, Ali Bagheri Kani – who happens to also be a relative of Supreme Leader Ali Khamenei – had been part of Iran’s nuclear negotiating team under former President Ahmadinejad from 2007 to 2013. It was during that time that efforts to achieve mutual understanding over Iran’s nuclear program with the West failed and sanctions were imposed.

Ali Bagheri Kani, via Tehran Times

As Reuters details, it appears part of shake-up at the foreign ministry to replace “moderates” previously serving under Rouhani with more hardened “anti-Western” diplomats

Hossein Amirabdollahian, an anti-Western diplomat chosen as foreign minister last month, also named Mohammad Fathali as his deputy for administrative and financial affairs and Mehdi Safari as deputy for economic diplomacy, state media reported. 

Already external observers have been concluding that Tehran is preparing to take a firmer stance should talks resume in Vienna, which include indirect talks with the US delegation based on European intermediaries. 

Meanwhile, Washington and European signatories to the 2015 JCPOA have expressed increasing skepticism that nuclear talks will get off the ground again, blaming the Islamic Republic for stalling. Initially Iran had said it wanted to wait for the next round of Vienna talks till after new President Raisi took office on Aug.5, but we’re now long past that.

Blinken said last week while alongside German Foreign Minister Heiko Maas: “I’m not going to put a date on it but we are getting closer to the point at which a strict return to compliance with the JCPOA does not reproduce the benefits that that agreement achieved.”

Both sides have previously said they won’t let things drag on forever. The Iranians putting a more hardline negotiator in place could suggest Tehran is now more willing to walk away, given especially the crucial demand of immediate sanctions relief hasn’t been met.

END

6.Global Issues

CORONAVIRUS UPDATE

Doctors are now kicking the bucket.  They are calling it breakthrough infection!!

And they are double vaccinated? Or triple vaccinated?

“Breakthrough infection” killing doctors

 
 
 
 
 
Doctors are starting to kick the bucket.

 
But amazingly, other doctors cannot see what is happening. They are so brainwashed. Jen brought up her 3 dead colleagues today with her team, and they are mystified.
 
They call it “breakthrough infections” as opposed to vax-induced disease.
 
They think the solution is more and more vaccination. Despite the data from Israel showing that the more they vaccinate, the more people they kill. They just can not fathom that the vaccine is causing disease and death.
 
 
end
 

How tyranny is created – little by little

 
 
 
Great video from someone who lived through the early years of Nazi Germany.

https://www.armstrongeconomics.com/world-news/tyranny/this-is-how-tyranny-is-created-little-by-little/

 I’ve been doing some reading about what things were like in Germany at the time, and it is remarkable how much history rhymes. There are many aspects of the current tyranny that are echoes of that time. If you are interested in this I recommend a book, “The Forger”, an autobiography by Cioma Shönhaus, a Jew who survived wartime Berlin by forging documents.

https://books.google.ca/books/about/The_Forger.html?id=0-QWTvjXrhUC&printsec=frontcover&source=kp_read_button&hl=en&newbks=1&newbks_redir=1&redir_esc=y

 
 

END

From Robert to us

Shockingly, CDC Now Lists Vaccinated Deaths as Unvaccinated

 
 
 
 
 
How they do it. This is truly crazy. Apart from those poor souls who die shortly after the Han. What are we doing to our societies in terms of long term damage ?

https://articles.mercola.com/sites/articles/archive/2021/09/15/cdc-lists-vaccinated-deaths-as-unvaccinated.aspx

 
 
end
 
 
This is a huge story:  You will recall that Uttar Pradesh last year gave its citizens ivermectin and amazing, they were the only province not to suffer the ill effects of the COVID.  Then Modi stupidly ordered the province to stop using Ivermectin to be substituted by Remdesivir which is useless against the virus. Not to be undone, the Governor 6 months ago, stopped the Remdesivir and gave each citizen Ivermectin with two tablets of Vitamin D with zinc.
And this the result…..

HUGE: Uttar Pradesh, India Announces State Is COVID-19 Free Proving the Effectiveness of “Deworming Drug” IVERMECTIN

 
 
 
 
 
 
Ivermectin completely eradicates Covid in Uttar Pradesh, the most populous province in India. Provinces that are not using IVM in India have a Covid problem.

Meanwhile, Covid is out of control in Israel, and Australia has made Ivermectin illegal, because they are afraid people won’t take the vaccines that offer no medical benefit. Crazy world.

https://www.thegatewaypundit.com/2021/09/huge-uttar-pradesh-india-announces-state-covid-19-free-proving-effectiveness-deworming-drug-ivermectin/

 
 
 
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

Global debt now hits an astonishing 300 trillion dollars;

(zerohedge)

Global Debt Hits A Record $300 Trillion, Up $36 Trillion Since COVID

 
TUESDAY, SEP 14, 2021 – 06:25 PM

Another quarter, another all time high in global debt (don’t expect this to ever again drop under the existing monetary framework).

According to the Institute of International Finance (IIF), total global debt – which includes government, household and corporate and bank debt but excludes derivatives and various other exotic products – rose to a new record high of nearly $300 trillion in the second quarter, $296 trillion to be precise, and up $4.8 trillion in the quarter. This means that in the 18 months since covid, total debt has risen a stunning $36 trillion!

“If the borrowing continues at this pace, we expect global debt to exceed $300 trillion,” said Emre Tiftik, IIF’s director of sustainability research. Well, duh. Not only will it exceed $300 trillion but it will exceed $400 trillion, $500 trillion and eventually $1 quadrillion and so on. This is a feature, not a bug of the MMT “Helicopter Money” system we now live under.

The rise in debt levels was the sharpest among emerging markets – read China – with total debt rising $3.5 trillion in the second quarter from the preceding three months to reach almost $92 trillion.

There was a silver lining: the debt-to-GDP ratio declined for the first time since the start of the pandemic as economic growth rebounded. The IIF said that of the 61 countries it monitored, 51 recorded a decline in debt-to-GDP levels, mostly on the back of a strong rebound in economic activity, although we are very curious what non-GAAP GDP number the IIF used to calculate a faster GDP growth than debt.

As a result, debt as a share of gross domestic product fell to around 353% in the second quarter, from a record high of 362% in the first three months of this year.

The IIF also said that total debt-to-GDP ratios excluding the financial sector are below pre-pandemic levels in just five countries: Mexico, Argentina, Denmark, Ireland, and Lebanon. Of course, if only includes the financial sector – as one should – this statistic is meaningless garbage.

The one country which is already bursting at the seams with debt, China, saw a steeper rise in its debt levels compared with other countries, while emerging-market debt excluding China rose to a fresh record high at $36 trillion in the second quarter, driven by a rise in government borrowing.

Meanwhile, after a slight decline in the first quarter, debt among developed economies – especially the euro area – rose again in the second quarter (again, repeat after us, debt will never again decline).

In the United states, debt accumulation of around $490 billion was the slowest since the start of the pandemic, although household debt increased at a record pace. Expect this number to explode higher after Biden passes his next fiscal stimulus, whenever that is.

Globally, household debt rose by $1.5 trillion in the first six months of this year to $55 trillion. The IIF noted that almost a third of the countries in its study saw an increase in household debt in the first half.

“The rise in household debt has been in line with rising house prices in almost every major economy in the world,” said the IIF’s Tiftik, doing everything he can to show central bankers how big is the housing bubble they have created.

Finally, the IIF said that total sustainable debt issuance – which we assume refers to the epic scam that is ESG – surpassed $800 billion year to date, the IIF said, with global issuance projected to reach $1.2 trillion in 2021.

END

Interesting: over 2/3 of businesses worldwide report hiring difficulties.

(Ozimek/EpochTimes)

Over Two-Thirds Of Businesses Worldwide Report Hiring Difficulties

 
WEDNESDAY, SEP 15, 2021 – 03:30 AM

Authored by Tom Ozimek via The Epoch Times,

A new survey of nearly 45,000 employers in dozens of countries showed that 69 percent of businesses reported having a hard time finding workers, a 15-year high for the second consecutive quarter.

The survey, carried out by employment services provider ManpowerGroup, found that over two-thirds of employers in 43 countries said finding skilled talent remains a top challenge. In order to overcome the hiring hurdle, 67 percent are offering prospective employees more flexibility around both work schedules and where the work gets done. At the same time, 41 percent are investing in training, skills development, and mentoring, in order to help ease the labor crunch.

Employers also reported stronger hiring intentions this year than last, with 15 countries—including Canada, the United States, and the United Kingdom—reporting their highest hiring outlook since the survey began.

“This recovery is unlike any we have seen before with hiring intent picking up much faster than after the previous economic downturn,” Jonas Prising, ManpowerGroup chairman and CEO, said in a statement.

“At the same time, some workers are hesitant to reengage with employers as factors including health concerns and childcare challenges continue,” Prising added.

In the United States, job openings surged to a record high of more than 10 million on the last day of July, while hiring lagged that figure by more than 4 million, painting a picture of an economic recovery held back by businesses struggling to fill vacant positions.

The Labor Department’s Job Openings and Labor Turnover Survey (JOLTS), released Sept. 8, showed that the number of job vacancies jumped by 749,000 to 10.9 million on the last day of July. The private sector accounted for 9.9 million job openings, with the remainder coming chiefly from state and local government and a small 116,000 contribution from the federal level.

Hiring remained little changed over the month, with U.S. employers taking on 6.7 million workers, the same number as in the prior month. Hires fell in retail trades (-277,000), durable goods manufacturing (-41,000), and educational services (-23,000).

There are now 2.5 million more job openings than unemployed people in the United States. The Labor Department’s most recent jobs report showed that the total number of unemployed people edged down to 8.4 million in August.

“The biggest challenge is matching the substantial number of jobs available with individuals in the labor force,” Bankrate Senior Economic Analyst Mark Hamrick said in an emailed statement to The Epoch Times.

“It remains to be seen whether improvement in employment wanes a bit further here in the closing act of 2021.”

Separations, which include quits, layoffs, and discharges, remained little changed over the month, at 5.8 million in July, according to the JOLTS report. The quits rate, which reflects worker confidence in being able to find a better job, remained unchanged over the month at 2.7 percent, a historically elevated number.

While the continued reopening of the economy has driven many businesses to seek workers, hiring efforts have been hampered by a labor shortage, with analysts generally pointing to factors such as child care issues, lingering worries about the pandemic, and generous unemployment benefits. The federal pandemic jobless aid programs have now ended in all states, with future JOLTS reports sure to be closely scrutinized for a bump in hiring.

 
 
END
 
Michael Every on the most important stories of the day.
Michael Every…

Rabobank: Milley’s Presence Is Massively Damaging Image-Wise For The US

 
WEDNESDAY, SEP 15, 2021 – 10:50 AM

By Michael Every of Rabobank

OER misses

Today’s headline – “OER misses” – speaks to the key US CPI report yesterday, where the meme is suddenly that inflation pressures are past their peak because: 1) used car prices went down; 2) air travel prices went down; and 3) rent *officially* went up only a little as measured by the statistical construct that is Owners’ Equivalent Rent (OER) – which bears no relationship to actual rents being paid by people in the real economy. In short, a little statistical jazz-hands and we have ‘transitory inflation!’,…despite the fact there are shortages wherever you look in US supply chains. You know where else used to have low reported inflation, but no goods on the shelves? It started with US and ended SR.

“OER misses” can also be read by middle-aged British readers as the risqué catchphrase “Ooh err, missus” of the late comedian Frankie Howerd. Besides Frankie overlapping with the USSR, and looking like Brezhnev as he aged, there is a need for that double-entendre today in terms of the broader context in which markets are operating.

Yesterday’s US Met Gala, which I would have loved to see Frankie comment on, was a po-faced-seriousness surreal dreamscape akin with costumes akin to ‘The Fifth Element’ –when do we get a celebrity called “Leeloo Multipass”?– without the comedic irony. Except in that the event was held during a pandemic, days after the 20th anniversary of 9/11, and the US defeat in Afghanistan, which is seeing intellectual angst about the decline or end of US global power –on which our global market architecture is built– in the US intellectual circles who don’t now cheer that end. (And as it now emerges Friday’s bilateral call saw Xi Jinping reject a proposed summit with President Biden.) The Gala’s unmasked, becostumed attendees, served by helpers wearing masks, displayed domestic and international political disconnect even larger than the inflation rents-OER gap. Deliberately political it was too, with AOC wearing a presumably-expensive “tax the rich” dress at a $50,000 a head soirée, just as Democrats consider rolling back the SALT tax provision “for two years” which caps federal tax deductions at $10,000 and sees mainly the rich in New York and California (i.e., Met Gala attendees) pay more tax. In short, the Met Gala was Davos channelled through fashion.

US media are also now abuzz with a new book from Bob Woodward –which everyone will tweet and nobody will actually read– claiming Joint Chiefs of Staff Chairman Milley held secret meetings and discussions with top military leaders and his Chinese counterpart to protect against a nuclear weapons launch from a “rogue” President Donald TrumpThe sense of institutional decay in the global hegemon here is palpable.

Obviously Trump is now saying such action, if it happened, is treason, even if others now say unconstitutional checks and balances are needed when a president of a party they don’t like is in power. Moreover, the risks Milley, who remains in his position, raises in terms of the room for foreign policy misinterpretation and superpower policy missteps has serious analysts –not tweeters– losing sleep. It’s massively damaging image-wise for the US at a time of an ongoing collapse in the post-WW2 global security architecture, even if none of this is true. Neither Davos nor the Met crowd will much like a world without it once it is gone; but then the looming end of the world didn’t matter to plutocrat Gary Oldman or the vacuous fashionistas in ‘The Fifth Element’ much either.

As the US Internet was swooning over this decadence and heroics/treason, China was announcing a guideline on developing “a more civilized and well-regulated cyberspace environment,” with the stated aim being “to consolidate the guiding status of Marxism in the ideological cyberspace sphere, foster a common ideology among the whole Party and the Chinese people, and interiorize core socialist values.” This will include “higher ethical standards” and good online behavior: clicks and profits, not so much the priority. The same people in markets who didn’t read any Marx before the recent policy shift back towards Marxism in a Marxist political economy they had invested in, and who still refused to read any after that shift, will yet again have to try to explain why this is all still bullish “because markets”.

Yet China wasn’t finished there: they are also going to regulate casinos in Macau: so less gambling and more family entertainment – like risqué comedians? Markets seem to think so, with US casino stocks taking a hit. Evergrande continues to grab the headlines too: the Chinese government is hiring its own accounting experts to match those hired by the struggling property giant. “Ooh err, missus.” To match the current ideological outfit, how long until the markets takes the final hit and the firm is redirected to build social housing at low margins?

But back to the US, where one major change may well be closer to occurring. Back on 10 August the bipartisan “Ocean Shipping Reform Act of 2021” was introduced, which would mean a tsunami for global shipping if it passes. It includes provisions that: reciprocal trade must be established to promote US exports as part of the Federal Maritime Commission’s (FMC) mission; shifts the burden of proof regarding demurrage charges from invoiced parties to carriers or ports; and prohibits carriers from declining opportunities for US exports unreasonably. Naturally, shippers say this will spark a “protectionist race to the bottom,” and is doomed to fail. Well, besides US agricultural powerhouses, US retailers now also support the legislation. Watch this space, and the spaces on shelves, as you think about inflation, global maritime trade, and global security – because they are linked.  

Lastly, a day after the RBA governor said he had given up forecasting the AUD, and had no idea why markets were forecasting that he was going to raise rates this year or next, the OECD is suggesting the first independent review of the Reserve Bank’s role and performance since 1981. Won’t that stir the pot, given it may call into question why the RBA keeps getting forecasts wrong, only just noticed high net immigration means lower wage growth, and is clearly focused on property? Can you imagine if they had to go the same route as the RBNZ and were forced to keep house prices stable? More seriously, how long can we all continue with our current nudge-nudge, wink-wink central bank policy globally? Surely at some point there is going to come a fork in the road where we either say they should go Austrian, and get out of the economy and markets completely; or we admit they are political, with political aims, but *unelected* – in which case let’s make them arms of government again, and let them reflect what the people want to see happen democratically. (Which will not be lowflation and asset price inflation.)

Whenever one tries to have an honest discussion about this at the highest levels, it is again all Frankie Howerd in response, who could talk for minutes while saying nothing: “Oooh err, missus! No! Nay, nay, and thrice nay! Look! Tsk! Ooooh! No! Never! Well, I….Stop that! Oooh!” You may think this is all irrelevant, and only that recent ‘weak’ US CPI print matters –  but, really, titter ye not.

END

7. OIL ISSUES

European gas prices continue on their parabolic rise

(zerohedge)

end

China not happy with the high price of oil as itis veryinflationary to it. 

(Slav/OilPrice.com)

China’s Oil Sale Is A Clear Message To OPEC+

 
WEDNESDAY, SEP 15, 2021 – 01:20 PM

Authored by Irina Slav via OilPrice.com,

China made headlines last week with the news that it was going to release some crude oil from its strategic petroleum reserve and sell it in a move that Bloomberg called “an unprecedented intervention.”

Indeed, this was the first time China announced the sale of oil from its strategic reserve. The size of this reserve is unknown as the government never releases that data, but analysts have been using satellite imaging to estimate just how much oil China has in storage.

The reason for the move was, of course, oil prices.

At over $70 per barrel, crude appears to have become too expensive for Beijing after producer price inflation hit a 13-year high last month, per a Reuters report. The same report cited China’s National Food and Strategic Reserves administration as saying the oil sales would “better stabilise domestic market supply and demand, and effectively guarantee the country’s energy security.”

The world’s biggest economic hothouse, which has so far this year grown at a rate of 8.44 percent, has been struggling with high raw material prices for months, just like the rest of the world. Unlike the rest of the world, it has levers to pull when it decides it has had enough.

What is interesting is that this may not be the first time China has sold oil from its strategic reserve. Yet it is the first time it has made it public, Energy Aspects’ Amrita Sen told the Financial Times.

“This is not new, but the announcement is new and I think it’s an attempt on their part to temper domestic prices,” Sen explained.

The other interesting thing, as noted in the Financial Times report on the news, is that the first-of-its-kind announcement came soon after the latest meeting of OPEC+ where the cartel decided to keep adding production at rates agreed earlier despite calls – including from U.S. President Joe Biden – to add more supply to market to temper the price rise. As Reuters columnist Clyde Russell put it, the oil sale was all about the message, not so much the oil itself.

Since the pandemic, the world’s top importers of crude oil appear to have become increasingly sensitive to oil price swings, especially when the swing is upwards. India’s former oil minister, Dharmendra Pradhan, was especially prompt and vocal in his reactions to any OPEC move that aimed at boosting prices any higher than New Delhi was comfortable with.

India responded to some of these moves by ordering its state refiners to curb purchases from Middle Eastern oil producers. China has been diversifying its suppliers, too. Now India is selling oil from its strategic reserve. In fact, it announced its sale a few weeks before China. The purpose of the sale reported at the time was to lease space to refiners, but whether intentional or not, the sale would have an effect on prices.

“The Chinese government has been extremely anxious about inflation [so] they are doing this across the board. They’ve been releasing strategic stocks of pretty much every raw material,” Energy Aspects’ Sen said, as quoted by the FT.

Inflation has become a cause for anxiety – not just in China – yet few countries have the reserves to release to mitigate the effects of rising prices. Yet, it is impossible to not interpret the release of the barrels from the strategic reserve as a warning to OPEC+.

Rising oil prices have been one of the biggest drivers of inflation, yet OPEC+ has kept to its original plan to add no more than 400,000 bpd to its combined output until it returns to the pre-pandemic level. Meanwhile, according to OPEC’s latest monthly report, demand is set to exceed pre-pandemic levels as soon as next year.

With OPEC+ so unresponsive to calls for more output, prices have higher to go if this forecast pans out. And this could lead to an even more complicated inflationary situation for large importers because strategic reserves, as abundant as they may be, are still finite.

8 EMERGING MARKET& AUSTRALIA ISSUES

Australia////COVID/VACCINES

SINGAPORE/COVID/VACCINE

Singapore is 80% double vaccinated and yet life has not improved:  why? the vaccinated are causing new variants to form and also account for much of the sloughing off the spike protein.

(zerohedge)

“Life Has Not Improved By As Much As We Hoped” – Singapore Outbreak Worsens With 80% Vaccinated

 
TUESDAY, SEP 14, 2021 – 10:45 PM

Singapore has just reached a level of vaccination penetration that many other developed economies would envy: 80% of its adult population has been vaccinated. And yet, it continues to struggle with one of the worst outbreaks yet. On Sunday, the nation of 5.7 million people reported 555 new local COVID-19 cases, the most since August 2020. One day prior, Singapore recorded its 58th COVID death, a partially vaccinated 80-year-old man with a history of diabetes, hypertension and heart problems.

Rather than lowering restrictions, Singapore’s Ministry of Health last week banned social gatherings at workplaces, allegedly because clusters of workers gossiping around the water cooler led to an outbreak. And in their free time, Singaporeans have been asked to attend one social gathering per day, tops.

Despite Singapore being one of the world’s most heavily vaxxed countries, not much about life has changed for the worst of the COVID pandemic. Alex Cook, an infectious diseases modelling expert at the National University of Singapore, acknowledged that life had not improved “by as much as we might have hoped,” despite Singapore being one of the world’s most vaccinated countries.

A curious thing has happened since Singapore hit 80%, Cook reminds us: “The community cases have actually gone up since reaching 80 per cent coverage, in part because we’re allowing more social events for those who are vaccinated and, I dare say, more fatigue at the control measures,” Cook told the ABC.

And the outlook isn’t exactly positive: Gan Kim Yong, co-chair of the multi-ministry task force, said the “worrying” spike in infections would “probably get to 2,000 new cases a day,” describing the next two to four weeks as “crucial.”

It’s a lesson that’s not unique to Singapore; “One main lesson from across South-East Asia is that it is incredibly hard to prevent Delta’s spread and, as Singapore shows, even high vaccination rates will not help that much,” Cook added.

While they’re mostly symptomatic, Singapore is still finding a lot of breakthrough infections among the vaccinated. At this point, it’s only the latest piece of evidence to suggest that even the revised official efficacy rate of the Pfizer jab just isn’t realistic when we look at the case numbers.

Another scientist said the continued spread is merely a sign that 80% vaccinated is still “too low for delta”. Leong Hoe Nam, an infectious diseases expert from Singapore’s Rophi Clinic, said the Delta strain had moved the goalposts, in terms of what level of community vaccination was necessary.

But looking at recent waves of COVID infections in the US, Europe and in Asia, it’s starting to look like that virus simply adapts so quickly, vaccines just aren’t effective enough. Maybe natural immunity is the better rout after all.

 
 

END

Your early  currency/gold and silver pricing/Asian and European bourse movements/ and interest rate settings WEDNESDAY  morning 7:30 AM….

Euro/USA 1.1828 UP .0026 /EUROPE BOURSES /ALL RED

USA/ YEN 109.13  DOWN  0.591 /NOW TARGETS INTEREST RATE AT .11% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…

GBP/USA 1.3824  UP   0.0016  

USA/CAN 1.2689  DOWN .0002  (  CDN DOLLAR UP 2 BASIS PTS )

Early WEDNESDAY morning in Europe, the Euro IS UP BY 26 basis points, trading now ABOVE the important 1.08 level RISING to 1.1828 Last night Shanghai COMPOSITE CLOSED DOWN 6.38 PTS OR 0.17%

//Hang Sang CLOSED DOWN 469.02 PTS OR 1.84%

/AUSTRALIA CLOSED DOWN 0.22% // EUROPEAN BOURSES OPENED ALL RED 

Trading from Europe and ASIA

EUROPEAN BOURSES CLOSED ALL RED

2/ CHINESE BOURSES / :Hang SANG  CLOSED DOWN 469.02    PTS OR 1.84% 

/SHANGHAI CLOSED DOWN 6.38  PTS OR 0.17%

Australia BOURSE CLOSED DOWN  0.22%

Nikkei (Japan) CLOSED DOWN 153.39 pts or 0.52% 

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1806.20

silver:$23.98-

Early WEDNESDAY morning USA 10 year bond yr: 1.266% !!! DOWN 3 IN POINTS from TUESDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

The 30 yr bond yield 1.832 DOWN 3  IN BASIS POINTS from TUESDAY night.

USA dollar index early WEDNESDAY morning: 92.43 DOWN 18  CENT(S) from TUESDAY’s close.

This ends early morning numbers WEDNESDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx6

And now your closing  WEDNESDAY NUMBERS 1: 00 PM

Portuguese 10 year bond yield: 0.25%  UP 4  in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: +.036% DOWN 9/10   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 0.34%//  UP 3  in basis points yield from yesterday.

ITALIAN 10 YR BOND YIELD:  0.70  UP 5   points in basis points yield from yesterday./

the Italian 10 yr bond yield is trading 36 points higher than Spain.

GERMAN 10 YR BOND YIELD: RISES TO –.304% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.00% AND NOW ABOVE   THE 3.00% LEVEL WHICH WILL IMPLODE THE ENTIRE ITALIAN BANKING SYSTEM. AT 4% SPREAD THERE WILL BE A HUGE BANK RUN…

END

IMPORTANT CURRENCY CLOSES FOR  WEDNESDAY

Closing currency crosses for WEDNESDAY night/USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM

Euro/USA 1.1815  UP    0.0013 or 13 basis points

USA/Japan: 109.37  DOWN .3040 OR YEN UP 30  basis points/

Great Britain/USA 1.3841 UP .0033 UP 33   BASIS POINTS)

Canadian dollar UP 52 basis points to 1.2639

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The USA/Yuan,  CNY: closed    ON SHORE  (CLOSED UP).. 6.4325 

THE USA/YUAN OFFSHORE:    (YUAN CLOSED (UP)..6.276

TURKISH LIRA:  8.44  EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield  at +0.036%

Your closing 10 yr US bond yield UP 2 IN basis points from TUESDAY at 1.307 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 1.871 UP 1 in basis points on the day

Your closing USA dollar index, 92.51 DOWN 11  CENT(S) ON THE DAY/1.00 PM/

Your closing bourses for Europe and the Dow along with the USA dollar index closing and interest rates for TUESDAY: 12:00 PM

London: CLOSED DOWN 8,12 PTS OR 0.20% 

German Dax :  CLOSED DOWN 106.99 PTS OR 0.68% 

Paris CAC CLOSED DOWN 69.35  PTS OR  1.04% 

Spain IBEX CLOSED  DOWN 144.60  PTS OR  1.65%

Italian MIB: CLOSED DOWN 264.97 PTS OR 1.02% 

WTI Oil price; 72.48 12:00  PM  EST

Brent Oil: 75.71 12:00 EST

USA /RUSSIAN /   RUBLE RISES:    72.48  THE CROSS LOWER BY 0.38 RUBLES/DOLLAR (RUBLE HIGHER BY 38 BASIS PTS)

TODAY THE GERMAN YIELD RISES  TO –.304 FOR THE 10 YR BOND 1.00 PM EST EST

END

This ends the stock indices, oil price, currency crosses and interest rate closes for today 4:30 PM

Closing Price for Oil, 4:00 pm/and 10 year USA interest rate:

WTI CRUDE OIL PRICE 4:30 PM : 72.64//

BRENT :  75.43

USA 10 YR BOND YIELD: … 1.302.. UP 1 basis points…

USA 30 YR BOND YIELD: 1.867  UP 1  basis points..

EURO/USA 1.1814 down 0.0012   ( 12 BASIS POINTS)

USA/JAPANESE YEN:109.36 DOWN .354 ( YEN UP 35 BASIS POINTS/..

USA DOLLAR INDEX: 92.49 DOWN 13  cent(s)/

The British pound at 4 pm   Britain Pound/USA: 1.3843 DOWN .0035  

the Turkish lira close: 8.45  DOWN 1 BASIS PTS

the Russian rouble 72.26  UP   .81 Roubles against the uSA dollar. (UP 81 BASIS POINTS)

Canadian dollar:  1.2629 UP 62 BASIS pts

German 10 yr bond yield at 5 pm: ,-0.304%

The Dow closed UP 291.99 POINTS OR 0.84%

NASDAQ closed UP 67.82 POINTS OR 0.45%

VOLATILITY INDEX:  18,20 CLOSED DOWN 1.26

LIBOR 3 MONTH DURATION: 0.116

%//libor dropping like a stone

USA trading day in Graph Form

Bonds & Dollar Dump; Crypto Jumps As Debt-Ceiling Doubts Build

 
WEDNESDAY, SEP 15, 2021 – 04:00 PM

Anxiety over the Debt Ceiling is starting to quietly grow in the back of investors’ minds as politicians “meddle with the primary force of nature”…

Bloomberg’s Ed Harrison notes that low Treasury bond yields may not be pricing in the increasing potential for a default by the U.S. government. After a Republican Senate caucus meeting Tuesday, Senate Minority Leader Mitch McConnell told reporters “let me be crystal clear about this: Republicans are united in opposition to raising the debt ceiling.”

If the U.S. does not raise the debt ceiling, it will eventually default on its obligations, including U.S. Treasury bonds. But bond yields have been falling despite the risk. At issue is the proposed $3.5 trillion infrastructure bill proposed by Congressional Democrats. McConnell went on to say that “[the Democrats] have the ability and the responsibility to ensure that the federal government not default”. The implication is that, unless the Democrats table the spending bill, Republicans will refuse to raise the debt ceiling. That’s likely to result in a game of chicken. Unless one side relents, a government shutdown is in the cards, and, potentially a U.S. debt default.

However, the short-term T-Bill market is very aware of the risk for now, with a major kink in the curve…

And the spread across the critical date in October when Yellen said “time’s up” is growing notably wider…

Source: Bloomberg

Could this be why the dollar is starting to sink?

Source: Bloomberg

And bond yields are starting to rise?

Source: Bloomberg

Of course, stocks couldn’t give a shit, it’s always time to buy!! (Everything lifted at around 12ET and never looked back)…

All the majors back into the green for the week…

But as US stocks bounce, European stocks hit seven-week lows on inflation and power concerns…

Source: Bloomberg

The S&P did what it does and bounced off the 50DMA once again…

Did MSFT share buybacks save the world again?

The 10Y Yields rose back to 1.30%…

Source: Bloomberg

Cryptos extended their gains, despite Dalio’s warnings and Gensler’s comments, as perhaps an alternate to the dollar amid the debt ceiling debacle is driving the marginal bid.

Bitcoin rallied back above $48k…

Source: Bloomberg

And Ethereum jumped back above $3500…

Source: Bloomberg

Gold dropped back below $1800…

Oil rallied hard today with WTI briefly testing above $73 after EIA inventory data showed big draws…

Finally, The Fed’s worst nightmare – Stagflation…

Source: Bloomberg

…is becoming a real fear.

Source: Bloomberg

MORNING TRADING

end

ii)  USA///INFLATION WATCH

end

USA ECONOMIC DATA

Industrial production growth falters

(zerohedge)

US Industrial Production Growth Disappoints In August

 
WEDNESDAY, SEP 15, 2021 – 09:21 AM

After a surprisingly jump in July – following a surprising slump in June – analysts expected US industrial production to grow at a slower pace in August and it did. Headline industrial production rose 0.4% MoM in August, below the expected 0.5% rise and well below the 0.9% jump in July. This slowed the YoY rise in IP to below 6%…

Source: Bloomberg

Manufacturing production slowed even further, rising just 0.2% MoM; well below the expected 0.4% gain and the 1.6% jump in July…

Source: Bloomberg

US Industrial Production is back to pre-COVID levels here, while stocks are well above those levels…

Source: Bloomberg

Additionally, Capacity Utilization is back at pre-COVID levels…

Source: Bloomberg

All those stimmies… and we are back to breakeven on the US manufacturing sector… and The Fed is about to start tapering?

IMPORTANT USA//VACCINE

This judge is correct based on Supreme Court decisions:  he blocks New York State health care worker vaccinate mandate

(Vadum EpochTimes)

Federal Judge Blocks New York State Health Care Worker Vaccination Mandate

 
TUESDAY, SEP 14, 2021 – 04:45 PM

Authored by Matthew Vadum via The Epoch Times,

A federal judge on Tuesday granted an emergency injunction blocking the state of New York from enforcing a new CCP (Chinese Communist Party) virus vaccine mandate for healthcare workers.

Seventeen medical health professionals had asked the court to enjoin enforcement of New York’s mandate that then-Gov. Andrew Cuomo announced on Aug. 16. The mandate required staff at hospitals and long-term care facilities such as nursing homes, adult care facilities, and other congregate care settings, be vaccinated for COVID-19 to continue to be employed.

The plaintiffs, including doctors, nurses, a medical technician, and a physician’s liaison, were facing termination, loss of hospital admitting privileges, and the destruction of their careers unless they consent to be vaccinated with vaccines in contradiction of their religious beliefs, the lawsuit argued.

Their religious beliefs compelled the plaintiffs “to refuse vaccination with the available COVID-19 vaccines, all of which employ aborted fetus cell lines in their testing, development, or production,” according to court documents. 

The health care employees argued that the vaccine mandate would nullify protections for sincere religious beliefs under Title VII of the Civil Rights Act of 1964, even though the prior state health order in effect just days earlier had afforded the same protections.

“What New York is attempting to do is slam shut an escape hatch from an unconstitutional vaccine mandate,” attorney Christopher Ferrara, Thomas More Society special counsel, said in a statement before the injunction was granted.

“And they are doing this while knowing that many people have sincere religious objections to vaccines that were tested, developed, or produced with cell lines derived from aborted children.”

Judge David Hurd of the U.S. District Court for the Northern District of New York, a Bill Clinton appointee, granted a temporary restraining order the morning of Sept. 14 in the case. The lawsuit was brought against New York Gov. Kathy Hochul (D).

“The vaccine mandate is suspended” and the New York Department of Health “is barred from taking any action, disciplinary or otherwise, against the licensure, certification, residency, admitting privileges or other professional status or qualification of any of the plaintiffs on account of their seeking or having obtained a religious exemption from mandatory COVID-19 vaccination,” Hurd’s order states.

Ferrara learned the court injunction was granted while he was being interviewed over the telephone by The Epoch Times.

Asked if he was pleased by the ruling, Ferrara laughed, “Are you kidding me?”

END

Animal farm:  the NBA is more equal than the rest of the uSA. They will not impose vaccine requirements on players after the union refused to budge.

(zerohedge)  

NBA Won’t Impose Vaccine Requirement On Players After Union ‘Refused To Budge’

 
TUESDAY, SEP 14, 2021 – 08:51 PM

What do NBA players, Congress and US postal workers have in common? None of them will be subject to vaccine mandates that up to 100 million Americans face following last week’s Executive Order.

According to ESPN, NBA players have become the latest ‘exempted class’ from the mandates, after their union (the NBPA) “refused to budge on its demand that players not be required to take the vaccine.”

The NBA and NBPA continue to negotiate aspects of COVID-related protocols and procedures for the upcoming 2021-22 campaign, but the NBPA has refused to budge on its demand that players not be required to take the vaccine, sources say, and any proposal that mandates vaccination remains a “non-starter.”

NBA referees and most NBA staff will be required to take the jab, according to the report.

Roughly 85% of players are vaccinated, a league spokesman recently said, and, in a preliminary memo obtained by ESPN in early September, the league outlined a set of strict protocols for unvaccinated players.

Such protocols include having lockers far from vaccinated teammates and having to eat, fly and ride buses in different sections. These protocols are not final and are still subject to talks with the NBPA. -ESPN

Earlier this month, the NBA informed teams that vaccine requirements in both New York and San Francisco will be enforced for members of the Knicks, Nets and Golden State Warriors – including all players – unless there are approved medical or religious exemptions, according to a memo obtained by ESPN.

And late last month, the NBA informed teams that anyone who came within 15 feet of players or officials during games would be required to be fully vaccinated by October 1.

END

This one California sheriff will not enforce vaccine mandate as he upholds his duty to protect citizens

(Roberts/ EpochTimes)

California County Sheriff: “I Will Not Enforce Vaccine Mandate”

 
TUESDAY, SEP 14, 2021 – 06:06 PM

Authored by Katabella Roberts via The Epoch Times,

A Sheriff in California said on Monday that he will not force department employees or job applicants to be vaccinated against COVID-19, despite a state public health order mandating workers in “high-risk congregate settings” such as jails get vaccinations or are tested regularly.

In a video podcast posted to the Riverside County Sheriff’s Department’s Facebook page on Sept. 10, County Sheriff Chad Bianco had previously stated that he would not be mandating new or current employees of the sheriff’s department to have the COVID-19 vaccine, but maintained that he himself was “not an anti-vaxxer.”

“I’m not anti-vax, I’m anti-vax for Chad but that doesn’t mean that I’m anti-vax for someone else that feels they may need it, or that does need it, for high-risk categories, or even if it just makes you feel better,” Bianco said.

“A lot of department heads, different law enforcement agencies are coming up with policies or things like that, and as far as I’m concerned, I will not mandate a vaccine for our employees, we will not make it mandatory for any new employee to be vaccinated or current ones,” he continued. 

“I believe that is a very personal choice and that you need to make a decision.”

Following the podcast, Bianco shared a statement on Sept. 13 in which he claimed that a local newspaper was set to publish a story about the podcast and an unnamed reporter had “cherry-picked statements from supposed health experts in an attempt to paint me … in a negative light.”

Bianco reiterated his position regarding vaccinations and what he described as “tyrannical government overreach,” noting that it is his constitutional duty and responsibility to protect the public. He added that the soon-to-be-published article was “nothing but sensationalism trying to gain readership and further divide us as Americans.”

“Over the past couple of weeks, the idea of forced vaccination has caused much concern across the entire country,” Bianco said in Monday’s statement.

“To repeat the context of the podcast, I will not enforce the vaccine mandate on Sheriff’s Department employees.”

A vial of Pfizer-BioNTech COVID-19 vaccine is seen in Los Angeles, Calif., on Aug. 23, 2021. (Robyn Beck/AFP via Getty Images)

“The government has no ability and no authority to mandate your health choices. As your Sheriff I have an obligation to guard your liberty and freedom,” he continued.

“I am certainly not anti-vaccine. I am anti-vaccine for me. That decision should be made in consultation with your doctor after discussing the potential benefit and the potential negative side effects.”

“It is time our government and our politicians come to the realization that the only reason they exist is because ‘we the people’ formed our government to secure the blessings of individual liberty and freedom,” Bianco added.

The state of California has mandated that those working in “high-risk congregate settings” such as state and local correctional facilities and detention centers, get vaccinated or submit to twice-a-week COVID-19 testing. It also applies to health care workers and employees of nursing homes and the state gave employees until Aug. 23 to comply.

Bianco’s comments come shortly after President Joe Biden issued sweeping new federal vaccine requirements that could affect as many as 100 million Americans.

Biden last Thursday announced he will direct the Department of Labor to develop a rule that companies with more than 100 employees will require vaccinations or once-per-week testing for their workers, potentially affecting tens of millions of U.S. private-sector employees and health care workers.

END

School bus drivers refuse to take he vaccine so Massachusetts calls in the National Guard to take children to class. I guess they have nothing else to do.

(zerohedge)

Massachusetts Activates National Guard To Bus School Children After Vax Mandate Staffing Shortages

 
TUESDAY, SEP 14, 2021 – 07:25 PM

Amid fresh national, state and local vaccine mandates being driven forward by the Biden administration, schools and public services have clearly been most immediately hit by personnel shortages as a large chunk of the population remains ‘vaccine hesitant’ – or refuses to be forced into a mandated Covid vaccine, or perhaps are also already immune through a prior infection. Other staff are said to fear catching coronavirus from the largely unvaccinated student population.

States like Massachusetts are now struggling with public school staffing shortages to the point that children literally can no longer take the bus to school as there aren’t enough drivers. The large school district of Boston, for example, admitted at the start of the school year that the vaccine requirement would inevitably result in drivers staying home. “City leaders say part of the reason for the shortage in Boston is that some drivers are not vaccinated, which is a requirement,” a local report underscored.

Image source: US Air Force

Now the state is having to take drastic action and even greater intervention in the crisis, with Republican Governor Charlie Baker on Monday activating the Massachusetts National Guard in order to get school transportation up and running. 

An official statement from Gov. Baker’s office said “The Governor’s order makes up to 250 personnel available. Beginning with training on Tuesday, 90 Guard members will prepare for service in Chelsea, Lawrence, Lowell, and Lynn.”

And further it said “These Guard personnel will be available to serve as drivers of school transport vans known as 7D vehicles to address staffing shortages in certain districts.” The 7D vehicles have been described as smaller than regular yellow school buses.

Baker sought to assure communities that “The Guard has a proven track record of success supporting civilian authorities. Their frequent side-by-side training with state and local first responders makes them well-suited for a variety of missions.”

Of course, the obvious question is whether uniformed national guardsmen might have bigger duties to be prepared for, such as defending the country and responding to state and national emergencies. The governor sought to address this, saying “The mission will not interfere with the Massachusetts National Guard’s ability to respond to and assist in emergencies within the Commonwealth.”

According to Axios, many school districts across the country are experiencing such transportation staffing shortages as vaccine mandates went into effect: “Schools across the country are experiencing a shortage of bus drivers, which has worsened during the coronavirus pandemic.” Axios highlighted further that “More than 80% of school districts reported having issued finding an adequate number of drivers.”

END

One Texas hospital faces closure over vaccine mandate.  No nurses….lack of Doctors.

Becker Hospital Review

Texas Hospital Faces Closure Over Vaccine Mandate, CEO Says

 
TUESDAY, SEP 14, 2021 – 09:05 PM

By Becker Hospital Review

Nearly 140 rural hospitals have closed since 2010, and the federal COVID-19 vaccine mandate could force at least one more to shut its doors. 

President Joe Biden’s administration is taking steps to require millions of American workers, including certain healthcare workers, to get a COVID-19 vaccine. The plan requires those who work at hospitals and other types of medical facilities that receive Medicare and Medicaid funding to get a COVID-19 vaccine. 

Brownfield (Texas) Regional Medical Center, a rural hospital, will lose up to 25 percent of its employees if the vaccine mandate is enforced, CEO Jerry Jasper told KCBD.

Losing those workers would probably shut down the hospital because some nurses have already quit to take jobs with nursing agencies that offer higher pay, according to the report. 

Not complying with the vaccine mandate and losing Medicare and Medicaid funding isn’t an option for Brownfield Regional Medical Center. About 80 percent of the hospital’s funding comes from Medicare and Medicaid, Mr. Jasper told KCBD

The vaccine mandate puts Texas hospital leaders in a complicated position because Texas Gov. Greg Abbott issued an executive order banning public hospitals from enacting COVID-19 vaccine mandates. 

“How’s Governor Abbott going to take this? He hasn’t complied with anything federal laws have done so far,” Mr. Jasper told KCBD.

“So, we’re going to have to, here in Texas at least, we’re going to have to wait and see how it plays out.” 

Mr. Jasper isn’t the only hospital chief in Texas grappling with how to respond to the vaccine mandate. 

“I’ve got President Biden telling me he’s going to mandate it, but I have Gov. Abbott who says I cannot mandate it,” Adam Willman, CEO of Clifton-based Goodall-Witcher Healthcare, told the Texas Tribune Sept. 10.

END

This attorney explains why the Biden 19 vaccine mandate is unconstitutional

(TechnoFog)

Why The Biden COVID-19 Vaccine Mandate Is Unconstitutional

 
TUESDAY, SEP 14, 2021 – 06:45 PM

Authored by attorney and journalist Techno Fog via The Reactionary,

On September 9, President Biden announced he would circumvent the democratic process, ordering the Secretary of the Department of Labor to require employers with over 100 workers to “ensure their workforces are fully vaccinated or show a negative test at least once a week.”

This was essential, as Biden said, “to protect vaccinated workers from unvaccinated workers.”

As we have explained, the Secretary of Labor will issue these regulations through OSHA by way of an Emergency Temporary Standard (ETS). The ETS would allow the Secretary of Labor to issue the vaccine mandate without the normal administrative rulemaking requirements (like notice and public comment periods).

While the Biden Administration tells the public that there’s no time to waste in issuing the mandate, the truth is that OSHA/Labor failed to argue the necessity of a vaccine mandate since the vaccines have been available – a time period approaching one year. Moreover, the Biden Department of Labor is secretly meeting with the US Chamber of Commerce and business lobbyists to gather support for the mandate. As Bloomberg Law reports:

Solicitor of Labor Seema Nanda held a virtual meeting with Neil Bradley, the Chamber’s chief policy officer, and other business lobbyists. The Chamber, the largest business lobbying group in the U.S., has yet to publicly declare a position on the coming Occupational Safety and Health Administration emergency rulemaking.

It was one of at least three briefings the department held Friday for labor union leaders and employer associations—constituencies the White House hopes to forge partnerships with to lift the vaccination rate nationwide. Information from the calls was disclosed to Bloomberg Law by eight sources who took part, all of whom requested anonymity because they didn’t have approval to speak publicly.

Why the Vaccine Mandate is Unconstitutional

As you can imagine, the constitutionality of the vaccine mandate will be a litigated as soon as OSHA issues the rules. The media is running interference, telling the public that challenges to the mandate are “unlikely to succeed.”

Do not believe them.

The legality of the vaccine mandate will be assessed under what is called the major rules doctrine (also known as the major questions doctrine). Under this doctrine, the courts look to (1) whether the agency action is a major rule; and (2) whether Congress has clearly authorized the agency action.

As Justice Scalia stated in 2014, “We expect congress to speak clearly if it wishes to assign to an agency decisions of vast ‘economic and political significance.’”

From here we turn to the first question of the major rules doctrine: there is zero doubt that it is a major rule. It would affect the healthcare decision – and implicate the personal autonomy – of “some 80 million private sector workers.” It is an action never before taken by OSHA, the Department of Labor, and any other federal agency. It would affect the entire US economy.

In support of my position, we have seen lesser invasive agency rules be determined to be major rules. For example, “rate-regulations” of telephone companies has been held to be a major rule. MCI Telecommunications Corp. v. American Telephone & Telegraph Co., 512 U.S. 218 (1994).

From there we get to the second question: whether Congress has clearly authorized the Department of Labor/OSHA to mandate vaccines. The answer is no.

If Congress clearly authorized (not just authorized, but clearly authorized) Labor/OSHA to mandate vaccines, then we would have seen such authority in the OSH Act of 1970. Look for yourself – the language isn’t there. Instead, there are general grants of authority to “set mandatory occupational safety and health standards.”

Looking to the history of OSHA, this authority has been understood to regulate employer actions to provide a safe workplace (Benzene limits) or employee actions at work (operation of heavy equipment). The OSH Act has never been understood historically to include mandatory vaccinations. This is significant because the Supreme Court recently looked to agency history to determine the CDC lacked the authority to issue its latest eviction mandate.

For an example of “clear authority” relating to public health, look to the authority Congress gave HHS the authority to take action in case of “significant outbreaks of infectious diseases.” Going further, to allow the mandate would be to allow OSHA to require vaccination as a condition of employment. The OSH Act contains no such language or authority.

So there we have it. This is a “major rule” and Congress has not “clearly authorized” Labor/OSHA to issue a vaccine mandate. Expect further challenges on whether the ETS itself (and the finding of “grave danger”) is legal.

We also observe that we by no means concede Congressional authority to mandate vaccines. (In other words, Congress could not give OSHA/Labor this authority because Congress has no such authority to give.) Reliance on the 1905 case Jacobsen v. Massachusetts is misplaced, as that was another court in another time considering state, not federal authority.

One Final Point – Why Justice Kavanaugh Matters

In 2017, when Justice Kavanaugh was sitting on the DC Circuit, he wrote a dissent from a denial of rehearing en banc, in which he thoroughly summarized the major rules doctrine. He argued that the FCC’s net neutrality rule was unlawful, in that it was a “major rule” that was not clearly authorized by Congress.

Kavanaugh’s 2017 dissent was one of the most (or perhaps the most) comprehensive discussions of the major rules doctrine ever written in the DC Circuit. Kavanaugh went through a number of Supreme Court cases in support of his position and argued the doctrine essential to uphold the separation of powers. To this author, it reveals Kavanaugh values this doctrine and believes it should be applied with vigor. We see an example of this in Justice Kavanaugh’s concurring opinion in the original application to vacate the stay of the CDC eviction moratorium (June 29, 2021), where Kavanaugh wrote “clear and specific congressional authorization (via new legislation) would be necessary for the CDC to extend the moratorium.”

Whether Kavanaugh has the courage to apply his convictions is another matter.

end

This is good: more than half ot he USA states vow to fight Biden’s vaccine mandate

(Blankley/Center Square)

More Than Half Of US States Vow To Fight Biden’s Vaccine Mandate

 
WEDNESDAY, SEP 15, 2021 – 12:05 PM

Authored by Bethany Blankley via The Center Square,

Twenty-seven Republican governors or attorneys general have vowed to fight the latest executive order issued by President Joe Biden mandating that over 80 million private employees receive COVID vaccinations or undergo weekly testing, or their employer will be fined.

The executive order directs the U.S. Department of Labor’s Office of Safety and Health Administration (OSHA) to require private businesses with more than 100 employees mandate that their workers receive both doses of the COVID-19 vaccine or undergo weekly testing. Noncompliance would result in fines of $14,000 per violation.

The governors who’ve expressed opposition include those from Arizona, Alabama, Alaska, Arkansas, Florida, Georgia, Idaho, Indiana, Iowa, Kansas, Missouri, Mississippi, Montana, Nebraska, New Hampshire, North Dakota, Ohio, Oklahoma, South Carolina, South Dakota, Tennessee, Texas, Utah, West Virginia, and Wyoming.

Republican attorneys general from states with Democratic governors who also vowed to fight include Kentucky Attorney General Daniel Cameron and Louisiana AG Jeff Landry.

Florida Gov. Ron DeSantis, with whom Biden has sparred over mask mandates and vaccine passports, said Florida would fight back.

“When you have a president like Biden issuing unconstitutional edicts against the American people, we have a responsibility to stand up for the Constitution and to fight back, and we are doing that in the state of Florida,” he said.

“This is a president who has acknowledged in the past he does not have the authority to force this on anybody, and this order would result potentially in millions of Americans losing their jobs.”

Texas, which is already embroiled in several lawsuits with the Biden administration, vowed to sue. Texas Gov. Greg Abbott said after hearing Biden’s announcement that “Texas is already working to halt this power grab” and Texas Attorney General Ken Paxton said Texas would be suing the Biden administration “very soon.”

Missouri Gov. Mike Parson said, “OSHA cannot dictate personal health care decisions for Missourians. Missouri is not under an OSHA state plan, and Parson will not allow state employees to be used to enforce this unconstitutional action.”

South Carolina Gov. Henry McMaster vowed to fight Biden, saying, “The American Dream has turned into a nightmare under President Biden and the radical Democrats. They have declared war against capitalism, thumbed their noses at the Constitution, and empowered our enemies abroad. Rest assured, we will fight them to the gates of hell to protect the liberty and livelihood of every South Carolinian.”

Arizona Gov. Doug Ducey said, “Governors don’t report to Joe Biden. Governors don’t report to the federal government, the states created the federal government, and Joe Biden has stepped out of his reach,” Ducey said. “These mandates are outrageous. They will never stand up in court. We must and will push back.”

Indiana Attorney General Todd Rokita indicated he was working with a group of AGs to file a lawsuit. “My team and I, along with other like-minded attorneys general, are reviewing all legal action on how to stand against these authoritarian actions by the Biden administration,” he said in a statement.

The Republican National Committee also announced it was suing “to protect Americans and their liberties” if the proposed rule change were to go into effect.

In response to Republican pushback, White House senior adviser Cedric Richmond, a former Democratic congressman from Louisiana, told CNN the White House expected the opposition.

He said, “… those governors that stand in the way, I think, it was very clear from the president’s tone today that he will run over them. And it is important. It’s not for political purposes. It’s to save the lives of American people. And so, we won’t let one or two individuals stand in the way. We will always err on the side of protecting the American people.”

iii) Important USA Economic Stories

This huge increase in wages will certainly create a dent in Amazon’s earnings

(zerohedge)

end

“High-Risk” Flash Flood Alert Issued For Southwest Louisiana Amid Tropical Depression Nicholas

 
WEDNESDAY, SEP 15, 2021 – 09:30 AM

Authored by Katabella Roberts via The Epoch Times,

The National Weather Service on Sept. 15 warned that Southwest Louisiana faces a “high risk” of flash flooding from Tropical Depression Nicholas.

Such “high risk” warnings, the most dire and severe type of warnings, are rarely issued anywhere in the United States.

Rain from the storm will move over the area through Wednesday and showers are expected to produce high rainfall rates and significant rainfall totals of around 5 to 10 inches, with locally higher amounts possible, the National Hurricane Center (NHC) said Wednesday morning.

Some of the locations that are expected to experience flash flooding include Ville Platte, Marksville, Bunkie, Mamou, Glenmora, Cheneyville, Turkey Creek, Cottonport, Pine Prairie, Mansura, Lecompte, Hessmer, Evergreen, Bayou Chicot, Chicot State Park, Indian Lake, Whiteville, Echo, Reddell, and Poland.

“Turn around, don’t drown when encountering flooded roads. Most flood deaths occur in vehicles. Be especially cautious at night when it is harder to recognize the dangers of flooding,” the agency warned.

On Tuesday, the NHC warned that widespread minor to isolated moderate river flooding is expected across portions of the upper Texas Gulf Coast and southern Louisiana and Mississippi.

“Life-threatening flash flooding impacts, especially in urban areas, are possible across these regions,” the NHC said.

Isolated storm totals of 20 inches were possible from southern Louisiana to the far western Florida Panhandle, it added.

“Life-threatening” flash floods are also expected for other parts of the Deep South, the NHC said in Tuesday’s bulletin.

Large parts of southern Louisiana are still dealing with the aftermath of Hurricane Ida, while tens of thousands of people remain without power. Louisiana’s death toll from Hurricane Ida stands at 26 after health officials last week reported 11 additional deaths in New Orleans.

On Monday, President Joe Biden approved Gov. John Bel Edwards’s request for a federal emergency declaration for Tropical Storm Nicholas, allowing Louisiana to mobilize federal resources the state already has in place as well as to request additional resources if needed.

A flash flood watch also currently remains in place for New Orleans too, with Avondale, Marrero, Metairie, Harvey, Timberlane, Belle Chasse, Chalmette, East New Orleans, Hahnville, Jefferson, Gretna, Harahan, Westwego, Bridge City, Elmwood, River Ridge, Waggaman, Estelle, and Woodmere all expected to experience flash flooding.

Nicholas made landfall as a Category 1 hurricane on Monday in Texas but was downgraded to a tropical storm early Tuesday morning.

end

Polls Show That The American People Are Extremely Angry… And They Are About To Get Even Angrier

 
WEDNESDAY, SEP 15, 2021 – 04:20 PM

Authored by Michael Snyder via The Economic Collapse blog,

This wasn’t supposed to happen.  We were promised that once Joe Biden was in the White House that the tremendous anger that was building up in our country would start to subside, but that obviously is not happening. 

In fact, as you will see below, Americans have been getting even angrier.  Needless to say, the stunt that Joe Biden pulled last week is certainly not helping matters.  When he visited Boise on Monday, enormous crowds of extremely angry protesters were waiting for him.  And everywhere I go on social media this week, I am seeing huge explosions of anger. 

What in the world is our country going to look like if all of this anger continues to grow?

Normally, it is either one side of the political spectrum or the other that is angry at any given time.

But here in September 2021, both sides of the political spectrum are very angry.  Just check out these stunning numbers from a brand new CNN poll

A new CNN poll finds that 74% of U.S. adults now say they are “very or somewhat angry” about the way things are going in the U.S. today — that includes 88% of Republicans, 70% of independents and even 67% of Democrats. But wait, there’s more.

Another 69% of U.S. adults now say that things are going “pretty or very badly” in the country these days — that includes 91% of Republicans, 72% of independents and 49% of Democrats.

Those numbers are crazy.  Just a few months ago, there was so much optimism, but now the mood of the nation has completely shifted.

Surprisingly, that same CNN poll asked a question about illegal immigration, and it found that even most Democrats are concerned about “the movement of undocumented immigrants”

And by the way, illegal immigration is still a concern for many in this nation. The CNN survey also found that 77% of U.S. adults say that it is important that the federal government “stops the movement of undocumented immigrants into the United States.” And the partisan breakdown: 95% of Republicans, 76% of independents and 52% of Democrats agreed.

Ever since Joe Biden entered the White House, giant throngs of people have been surging to our southern border, and this has created an unprecedented immigration crisis.

Incredibly, even though Biden has decided to impose vaccine mandates on millions upon millions of American citizens, even the White House Press Secretary is admitting that there will be no such requirement for the illegal immigrants that are being let into this country.

Members of Congress and their staffs are exempt from Biden’s new requirements as well.

But the rest of us are apparently fair game.  Today, my wife walked into a store where the employees were openly talking about how they might soon lose their jobs because of these new mandates.  Biden is dragging us into full-blown tyranny, and lots of American citizens are going to lose good jobs because of this.

Another new poll asked Americans if they think that Biden’s tyrannical decrees are constitutional or not, and the results were absolutely overwhelming

Asked in a new poll by Convention of States Action, in partnership with The Trafalgar Group, whether Biden has the constitutional authority to impose that demand, 58.6% said no.

Only 29.7% said yes.

The poll, taken over the weekend of likely general election voters, has a margin of error of 2.96%.

If they get away with this round of mandates, they will undoubtedly try to impose even more.

In fact, Dr. Fauci is openly telling us that he is in favor of mandating vaccines for air travel.

Fauci does not care about you.  The next time that you hear the corporate media heaping praise on him, just remember what he and his organization did to a bunch of beagles.

He sees you the same way, and he is going to keep pushing Biden to tighten the screws.

Already, we are seeing officials go door to door in some cities.  In Washington D.C., there are times when workers will “go back to a house four or five, six times” until someone finally answers the door…

Patrick Ashley, with D.C. Health, said the city has a significant outreach program going door to door.

“And as a reminder, we knock on doors until we actually get someone to talk to us. And so they’ll go back to a house four or five, six times, if necessary, multiple times of the day,” he said.

That should chill you to the core.

And what came next in that same article is also extremely chilling

Ashley also said the District is working with Medicare providers to make sure that they’re providing vaccination education.

“But you’re right, it is a choice of theirs to make,” Ashley said. “So we’ll continue to do that education through the —”

Silverman interrupted Ashley to say: “The president is saying it’s not a choice any more.”

The good news is that some red state governors are starting to fight back.

For example, Ron DeSantis just announced huge fines for any government entity in his state that attempts to mandate vaccines

Florida Governor Ron DeSantis (R) on Monday fought back against Joe Biden’s unconstitutional vaccine mandates.

DeSantis announced cities and counties that force employees to get vaccinated will be fined $5,000 per infraction.

“We are here today to make it very clear that we are going to stand for the men and women who are serving. We are going to protect Florida jobs,” DeSantis said during the news conference. “We are not gonna let people be fired because of a vaccine mandate.”

Hopefully more red state governors will step up to the plate, because our politicians in Washington are completely and utterly out of control.

Not satisfied with angering millions of Americans with these new vaccine mandates, Democrats have also decided that now is the time to dramatically raise taxes

Top earners in New York City could face a combined city, state and federal income tax rate of 61.2%, according to plans being proposed by Democrats in the House of Representatives.

The plans being proposed include a 3% surtax on taxpayers earning more than $5 million a year. The plans also call for raising the top marginal income tax rate to 39.6% from the current 37%.

How would you feel if 61.2 percent of your income went to paying taxes?

Would that make you angry?

Of course it would.

But our politicians in Washington have to find some way to pay for their insane spending sprees.  The federal government ran a 3 trillion dollar budget deficit last fiscal year, and with one month to go they are on track to do it again this fiscal year.

Everywhere you turn, there is more bad news.  And everywhere you turn, things are starting to spiral out of control.  So many of the things that I have been warning about are happening right in front of our eyes, and the months ahead are looking very bleak.

If Americans are this angry while things are still relatively stable, what is the mood of this country going to look like once things really start to fall apart?

As a nation, we are not emotionally equipped to handle any sort of a major societal collapse, but that is where the road that we are on inevitably leads.

These are such troubled times, and I have a feeling that really big surprises are just around the corner.

iv) Swamp commentaries/

Looks like we are in Nazi Germany: Elizabeth Warren demands that Amazon censor best selling books detailing the truth on COVID and vaccines like Dr Mercola

(Watson/SummitNews)

Elizabeth Warren Demands Amazon Censor Best-Selling Books

 
TUESDAY, SEP 14, 2021 – 02:51 PM

Authored by Paul Joseph Watson via Summit News,

Senator Elizabeth Warren is demanding Amazon censor best-selling books because they contain information that challenges the official narrative on coronavirus.

Warren wrote a letter asserting that Amazon was complicit in spreading “COVID-19 misinformation” because it allows people to buy books authored by people like Dr. Joseph Mercola, who has been targeted by the mainstream media as a purveyor of “dangerous” fake news about COVID and vaccines.

“During the week of August 22, 2021, my staff conducted sample searches on Amazon.com of pandemic-related terms such as ‘COVID-19,’ ‘COVID,’ ‘vaccine,’ ‘COVID 19 vaccine,’ and ‘pandemic,’” Sen. Warren wrote in a letter addressed to Amazon’s CEO Andy Jassy.

“The top results consistently included highly-ranked and favorably-tagged books based on falsehoods about COVID-19 vaccines and cures.”

Of course, the claim that these are “falsehoods” is a completely arbitrary assertion made by Warren and her staff, with no objective standard of proof required.

Mercola was again singled out for condemnation.

“[Dr. Mercola] has posted over 600 articles on Facebook casting doubt on COVID-19 vaccines and been subject to multiple federal investigations (with one false- advertising investigation leading to a $2.95 million consumer settlement). But Amazon’s algorithms promoted ‘The Truth About COVID-19’ as a best seller and top result in response to common pandemic-related search terms,” Warren wrote.

As Cindy Harper highlights, Warren’s efforts to have Amazon ban books follows a similar effort by Rep. Adam Schiff, who claimed that 10 per cent of Amazon search results related to vaccines returned “misinformation” (a description again solely determined by Schiff and his staff).

At what point did we enter an era where the very thing that drove scientific progress for hundreds of years – challenging the official orthodoxy – is now treated as heresy?

Putting people on lists with terrorists and sex traffickers before deplatforming them from social media sites is not enough.

Erasing information published by actual doctors and scientific experts that dares to question the ever-shifting goalposts of what “the science” says is also insufficient.

Now the digital book burnings must begin.

end

Funny! Senator demands to know who cuts off Biden’s mic? Who is in charge?

Watch: Senator Demands To Know “Who Cuts Off Biden’s Mic? …We Need To Know Who’s In Charge”

 
WEDNESDAY, SEP 15, 2021 – 08:45 AM

Authored by Steve Watson via Summit News,

Republican Senator James Risch demanded Tuesday to know who is in charge of cutting off Joe Biden’s microphone when he goes off script, as has been witnessed several times over the past few months.

During a hearing before the Senate Committee on Foreign Relations, Risch  asked Secretary of State Anthony Blinken who is “calling the shots?”

“One of the things we need to get to the bottom to is who is responsible for this? Who made the decisions?” Risch said, referring to Biden’s Afghanistan debacle.

The Senator then added that Biden “can’t even speak without someone in the White House censoring it or signing off on it.”

Risch further urged “This is a puppeteer act, if you would, and we need to know who’s in charge and who is making the decisions.”

“There is not enough lipstick in the world to put on this pig to make it look any differently than what it actually is,” Risch added regarding the Afghanistan mess, adding “The American people want to know who is responsible for this?” 

“Somebody in the White House has authority to press the button and stop the president, cut off the president’s speaking ability and sound. Who is that person?” Risch then directly asked Blinken, who denied that this had ever happened or that there was any such person.

Tweeting out the video, leftists insisted the claims were ‘bizarre,’ ‘ridiculous’ and ‘absurd’:

The incident Risch was specifically referring to happened a few days ago:

Yet, this isn’t the first time the White House has cut Biden’s feed. Biden’s audio feed was cut last month as he was about to respond to a reporter’s question on his administration’s military withdrawal deadline from Afghanistan.

As we reported at the time, the feed was muted (it’s on a delay) because Biden made a sardonic comment.

The White House also cut the feed during a live streamed event in March after Biden said, “I’m happy to take questions if that’s what I’m supposed to do …” 

Also, according to Politico, Biden’s staffers have admitted to cutting him off to avoid gaffes.

And as we have seen, it isn’t far fetched to suggest Biden is micromanaged:

*  *  *

end

Watch: Rand Paul Grills Sec. Blinken: “You’d Think You’d Know Before You Off Someone With A Predator Drone”

 
WEDNESDAY, SEP 15, 2021 – 03:45 PM

Republican Senator Rand Paul of Kentucky was the one Congressional leader who went “gloves off” in grilling Secretary of State Antony Blinken on Tuesday over the US drone strike in Kabul last month which came in the final days of the chaotic evacuation and troop pullout.

The Pentagon has continued this week to defend the Aug.29 attack which it says was against an ISIS-K target in the vehicle which was utterly destroyed. This despite a detailed New York Times investigation which found it killed 10 Afghan civilians, including seven children, with the original target likely being an aid worker and not a terrorist at all. The most heated moment of the exchange came with Sen. Paul asked Blinken directly, “Was he an aid worker or an ISIS-K operative?” To which Blinken responded “I don’t know,” and said the strike was still being reviewed internally. 

Paul continued to press Blinken over just what the Pentagon knew about its target ahead of the strike, and that’s when the Republican senator delivered his most stinging and sarcastic rebuke: 

“You’d think you’d kind of know before you off someone with a predator drone,” Paul said.

Paul explained that the drone and assassinations programs going back across multiple US administrations have served to make America less safe, given it leads to “blowback”. . 

“If you killed an aid worker on accident… do you think we’re better off because of that?” Paul said, emphasizing that it inevitably weakens US standing abroad.

The exchange came on the heels of chairman of the Joint Chiefs of Staff Mark A. Milley previously asserting the drone strike took out an “imminent” ISIS-K threat.

Ultimately Blinken during his testimony admitted the US now doesn’t exactly know who it killed in the drone strike, but that it’s still being investigated by the Pentagon.

“The administration is of course reviewing that strike and I’m sure that a full assessment will be forthcoming,” Blinken said, leading Paul to press the issue.

“So you don’t know if it was an aid worker or an ISIS-K operative?” the senator asked. When Blinken said he could not speak to that in the setting they were in, Paul asked, “So you don’t know or won’t tell us?”

“I don’t know because we’re reviewing it,” Blinken admitted.

US security at Kabul airport had been vulnerable and on high alert following the Aug.26 devastating suicide bombing attack which killed 13 US troops and over 60 Afghan civilians.

Politically, the Biden White House was also under pressure to “do something” by way of revenge for the initial ISIS-K suicide attack. In announcing the drone operation, administration officials had hailed it as a “success” in terms of delivering a blow to ISIS-K, despite reports quickly coming out that tragically most of the deceased were actually children.

King report/Courtesy of Chris Powell of GATA which includes the major swamp stories./ of the day

The BLS crafted a CPI for August (+0.3%, 0.4% expected; Core 0.1%, 0.3% expected) that is so fraudulent that even the financial media is throwing the BS flag on the dubious inflation metric.

WSJ: Soaring Rents Make It a Very Good Time to Own an Apartment Building – The 10.3% rise (y/y) in national asking rents in August is highest on record (BLS has rents +2.9% y/y for Aug.)

   Apartment occupancy rates hit a record high of 97.1% in August…according to Real Page, a rental-management software company, which analyzed more than 13 million professionally managed apartments…  https://t.co/XkaaGnk2Yo

BBG’s @lisaabramowicz1: The CPI’s rent component is stirring up controversy. From @pboockvar: “The rent calculation in particular continues to bear no resemblance to the reality on the ground… Apartment List said rents were up 2.1% in August rather than the .3% the BLS calculated.”

    “We’re particularly concerned about the possibility of more housing/shelter inflation…When we look at the flow through from home price appreciation to the CPI shelter component, we can see that the latter tends to lag the former by roughly 12 to 15 months:” @BlackRock’s Rieder

 

Bloomberg (@business) tweeted at 9:33 AM on Tue, Sep 14, 2021: Inflation pressures and a resurgence in coronavirus cases due to the Delta variant are hampering the recovery of small businesses across the U.S., according to Goldman Sachs https://t.co/nYi3sDfLKE

Pro TipQ3 CPI is the basis for COLA adjustments for Social Security payments.  Ergo, there is a strong financial incentive for the US government to underreport CPI for Q3.

Also shown in the table below, the average CPI-W for the third quarter of 2020 is 253.412. Because this average exceeds 250.200 by 1.3 percent, the COLA effective for December 2020 is 1.3 percent…

https://www.ssa.gov/oact/cola/latestCOLA.html

The COLAs in the graph are all computed using the ratio of average Q3 values for the CPI-W with base year 1982-84 = 100…  https://www.ssa.gov/policy/docs/ssb/v67n3/v67n3p73.html#mn10

Treasury Curve Steepens as CPI Data Take Pressure Off Fed to Act   

September 14, 2021, 7:56 AM CDT Updated on September 14, 2021, 8:25 AM CDT

https://www.bloomberg.com/news/articles/2021-09-14/treasury-curve-steepens-as-cpi-data-take-pressure-off-fed-to-act

ESUs soared 2 minutes before the 8:30 ET release of the August CPI headline.  Obviously, someone acted early on nonpublic information.  Unfortunately for the buyers, unless they were exceptionally nimble, the rally peaked at 8:35 ET.  After a measured rollover into the NYSE open, ESUs commenced a tumble at 9:38 ET.  Mr. Market knew the August CPI had no relation to economic reality.

Bonds soared; stocks tumbled; industrial commodities declined but precious metals rallied.

@lisaabramowicz1: The reaction to today’s inflation data is odd, at least at first glance. Bond yields are now sharply lower while stocks selloff, led by financials and, oddly, energy despite higher crude prices. Perhaps potential margin pressures is key among traders’ concerns, more than the Fed.

A bottom appeared 10:55 ET on the standard buying for early declines in the US.  The standard rally into the European close occurred.  The rally ended 13 minutes after the European close.  However, the Noon Balloon appeared right on schedule; but it ended within 4 minutes.  ESUs and stocks then tumbled to new session lows.  Market action indicated that economic concern was in the air.

Another rally attempt developed at 13:10 ET.  It was time for a rally for the Apple Event at 13:00 ET.  The rally ended at 13:53 ET.  There was nothing exciting about Apple’s new products.  ESUs and stocks sank to new session lows.  Apple shares sank as much as 1.7% during the Apple Event.

Here’s everything Apple just announced at its iPhone 13 event

https://www.cnbc.com/2021/09/14/apple-event-iphone-live-updates.html

The afternoon decline accelerated into the final hour.  The usual suspects began a final hour rally at 14:50 ET; it ended 17 minutes later.  ESUs and stocks gently sank until they got near the session lows.  With 15 minutes remaining, another rally attempt commenced.  ESUs and stocks rallied modestly into the close.

Reports surfaced yesterday afternoon that according to Bob Woodard & Bob Costa, Crazy Nancy Pelosi instructed Gen. Milley to stage a coup on DJT and Milley did just that!

Woodward/Costa book: Worried Trump could ‘go rogue,’ Milley took top-secret action to protect nuclear weapons (Now, this is an insurrection/military coup!  What is Milley doing about The Big Guy?)

    Milley took extraordinary action, and called a secret meeting in his Pentagon office on January 8 to review the process for military action, including launching nuclear weapons. Speaking to senior military officials in charge of the National Military Command Center, the Pentagon’s war room, Milley instructed them not to take orders from anyone unless he was involved…

    Pelosi continued, “You know he’s crazy. He’s been crazy for a long time.” According to Woodward and Costa, Milley responded, “Madam Speaker, I agree with you on everything.”

    After the call, Milley decided he had to act. He told his top service chiefs to watch everything “all the time.” He called the director of the National Security Agency, Paul Nakasone, and told him, “Needles up … keep watching, scan.” And he told then-CIA Director Gina Haspel, “Aggressively watch everything, 360.”  The authors write, ‘Milley was overseeing the mobilization of America’s national security state without the knowledge of the American people or the rest of the world.’…

    “General Li, I want to assure you that the American government is stable and everything is going to be okay,” Milley said. “We are not going to attack or conduct any kinetic operations against you.”…

https://www.cnn.com/2021/09/14/politics/woodward-book-trump-nuclear/

Ex-CIA op @BryanDeanWright: Pelosi made herself president and the military went along with it.  If you’re wondering why America’s elites won’t hold China to account for starting a pandemic, here’s part your answer. (Milley’s calls to Chinese military)

@mrglenn: Gen. Mark Milley, Chairman of the Joint Chiefs, isn’t commenting on a new book that says he went around Pres Trump to reassure Communist China that the US wasn’t going to launch an attack against them in the final days of the Trump administration.

@JackPosobiec: At least one of Milley’s calls to China was intercepted by a partner nation targeting PRC leadership and resulted in a FVEY rocket of “WTF” to Meade and Bolling, per IC official.

    Several Pentagon officers present in Milley’s secret meeting are willing to testify against him under oath, per WH official… To be clear:  The Chairman of the Joint Chiefs promised to tip off the CCP if the US was planning military action

 

@BrentScher: Milley told China in secret phone call that he would give advance warning if U.S. was ever going to attack!!! “If we’re going to attack, I’m going to call you ahead of time. It’s not going to be a surprise.    https://www.washingtonpost.com/politics/2021/09/14/peril-woodward-costa-trump-milley-china/

@charliekirk11: A US General told a Chinese General that he would warn them of any potential attack against China. Is that Collusion? Where are the transcripts? Was it a ‘Perfect Phone Call?’ Every Republican in Congress should be demanding answers right now.

 

@MacaesBruno: Not sure people realize how utterly reckless the Milley phone call is (besides all the other problems): you tell the Chinese Trump may order a nuclear attack unprompted at any moment? And that is supposed to stabilize things?

 

@julie_kelly2: Mark Milley discouraged the president from authorizing Insurrection Act in summer of 2020 to stop deadly riots. He reportedly threatened to quit. He then organized a statement on January 12 to call Capitol protest an “insurrection.” Milley is a cancer.

@ColumbiaBugle: Permanent Washington is so confident about their power that they feel like they can just go brag to journalists about betraying America and nothing will happen… they’re probably right.

There is a Constitutional procedure for removing an unstable POTUS!  It isn’t up to one Gen & Pelosi!  Furthermore, according to experts, procedures to prevent an unstable POTUS from launching nukes have been operative for decades.  According to Woodward, Milley was upset will DJT for his directive to remove troops from Afghanistan.  Reportedly, Schumer and others were involved in this sordid affair.  Trump vowed to stop endless wars, reconciled with North Korea, and tried to reset relations with Russia.  ‘Trump might nuke China’ is a canard, a transparent ruse to ‘get Trump’.

 

Joe Kent for WA-3 @joekent16jan19: There is no bottom to the disloyalty of our ruling class.  Arrest Milley & anyone who knew of this & failed to report it.

 

@seanmdav: Mark Milley secretly contacted communist China, fed it information, and promised our enemy he would undermine the duly elected president.  Milley then engineered and oversaw the Afghanistan debacle, leading to a possible Chinese takeover of the Bagram airbase Milley abandoned.

GOP Rep @AnthonySabatini: Not a WORD from @GOP “leaders” on Milley so far.  Why won’t they speak up? (Sen. Rubio demands that Biden fire Gen. Milley over his secret calls to China.)

@JesseKellyDC: Trump so terrified The System that everyone from generals to journalists decided anything and everything was acceptable in the effort to purge him.  In so doing, they permanently adjust acceptable norms in this country. And that toothpaste doesn’t go back in the tube.

The FT: Joe Biden’s suggestion of summit with Xi Jinping falls on deaf ears

US president proposed face-to-face meeting in call last week but Chinese leader did not respond

https://www.ft.com/content/81376b8c-6d97-4d19-b124-6656f27ce976

@_StephanieMyers: Blinken tells Sen. Romney that the number of U.S. legal permanent residents still left in Afghanistan is “in the thousands.” (What?  Team Obama-Biden said it was around 100!)

@kristina_wong: Blinken admits “most” evacuees were not vetted before they got on a plane in Kabul.

@DailyCaller: Sen. @RandPaul: “The guy the Biden administration droned: was he an aid worker or an ISIS-K operative?” Sec. Blinken: “I don’t know because we’re reviewing it.” Sen. Paul: “You’d think you’d kind of know before you off somebody with a predator drone.” https://twitter.com/DailyCaller/status/1437815424226312202

Sen. Risch demands Blinken explain who stops Biden when he’s speaking https://trib.al/MtNEnMI

White House Cuts Feed After Biden Goes Off The Rails; Republican Demands Answers

https://conservativebrief.com/in-charge-51077/?utm_source=CB&utm_medium=DJD

@ChadGilmartinCA: Defense secretary Lloyd Austin DECLINED to testify today, says Sen. Menendez. Why does @SecDef refuse to answer questions about the disastrous withdrawal from Afghanistan?

(Too many embarrassing questions, including the droning of children?)

@DailyMail: Top Democrat threatens to subpoena Defense Secretary after he refused to appear at Senate hearing on Afghanistan withdrawal

@BrentScher: Terry McAuliffe, who supports mask mandates in Virginia, caught on Amtrak and in NYC train station without a mask. COVID can’t spread on fundraising trips?

https://twitter.com/BrentScher/status/1437864960894308358

@KatieDaviscourt: BUSTED: Politicians rush to put masks back on when press conference starts rolling earlier than planned.  https://twitter.com/KatieDaviscourt/status/1437885691271151616

Maskless AOC Attends Elite $50k per Ticket Met Gala in ‘Tax the Rich’ Dress (multiple hypocrisies)

https://www.zerohedge.com/political/maskless-aoc-attends-elite-50k-ticket-met-gala-tax-rich-dress

Nevada Dems Violated State’s Mask Mandate at 9/11 Costume Party Honoring Casino Billionaire

https://freebeacon.com/politics/nevada-democrats-costume-party/

Meanwhile, children across the US are commanded to wear masks for 7-8 hours per day while in school!

The Masking of the Servant Class: Ugly COVID Images from the Met Gala Are Now Commonplace

While AOC’s revolutionary and subversive socialist gown generated buzz, the normalization of maskless elites attended to by faceless servants is grotesque.  https://greenwald.substack.com/p/the-masking-of-the-servant-class

@ggreenwald: All of this stopped being about The Science™ long ago. But the COVID pandemic has somehow managed to create all new ways to make the enormous chasm between the lives of cultural and political elites and everyone else even larger than it was before.

House Judiciary GOP (@JudiciaryGOP): The same people who complain about crowds at outdoor college football games have no problem with crowds at the Met Gala, which is held indoors. Why’s that?

 

Biden Has Coughing Fit at Gavin Newsom Rally in California

https://www.breitbart.com/politics/2021/09/13/watch-biden-has-coughing-fit-at-gavin-newsom-rally-in-california/

@DailyCaller: BIDEN: “I’m gonna make this as simple as I can: You either keep Gavin Newsom as your governor or you’ll get Donald Trump. It’s not a joke.” (And this guy has the launch codes?)

https://twitter.com/DailyCaller/status/1437607396080242694

Biden’s ancestors were slave owners: President’s great-great-great-grandfather owned two people https://t.co/7U4uHxNTif

CBS says polling shows Newsom will not be recalled as California governor by 8 to 16 points.

end

 
Well that is all for today
 
I will see you FRIDAY night
 
NO COMMENTARY ON THURSDAY.